FairFuelUK and Robert Halfon MP can claim another victory. Last year I wrote to the Bank of England, FSA and OFT and asked them to investigate oil price manipulation. Robert brought the subject up in The Commons in an official question in The House. We were adamant that last year's spikes in oil prices had nothing to do with supply and demand and everything to do with market manipulation. Regulators in the UK told us there was no charge to answer and that the market was working normally. We were, to put it mildly, very angry.
But we battled on sure of our facts and the testimony of an oil industry whistle blower who'd told us market manipulation was endemic in the oil industry. Our calls for an investigation reached the European Commission who, to the OFT's eternal shame, marshalled the evidence and raided the offices of BP and Shell.
Well, this week the Americans have also called for an industry-wide investigation and called for emergency federal powers to curb what they believe is excessive speculation. Senator Bernie Sanders has tabled two motions in the Senate to ensure that future crude oil, aviation and road fuel prices are genuinely based on the economics of supply and demand. And he's taken evidence from Exxon Mobil, Goldman Sachs, The International Monetary Fund, Delta Airlines, the American Trucking Association and the Petroleum Marketers Association of America. All of whom agree that excessive oil speculation has significantly increased prices.
FairFuelUK and Robert Halfon MP were the first in the world to call for action and our concerns have been read by regulators in Europe and the US. We've galvanised a global shift in attitude to oil profiteering, which hopefully, will have a lasting effect on the price you pay for a litre of fuel in your tank. So, if you've ever wondered if joining public protest groups like FairFuelUK makes any difference - here's the proof. Without your support we wouldn't have had the confidence to have shouted so loud and for so long. And the shouting isn't over yet…...