Tuesday, June 11, 2013

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…...




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[ posted by Jan Lee, 11.06.13 08:24 ]

Well done. It feels great to be part of a protest that has genuine beliefs and which has actually got somewhere. Hopefully we will see a difference at the petrol pumps soon but the cynic part of me believes it will be just a couple of pence for a few days to keep people happy then it will slowly creep back up. This must be kept in the news so they don't get away with it.

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[ posted by Stuart Mallion, 11.06.13 09:47 ]

I agree with Jan. And as for being cynical....... we are what the Government and Fuel companies have made us!
I would still like to see a "Motorists strike" happen for a couple of days. It would put so much pressure on the Government to do something positive and permanent, in fact the mere threat of such action and it's consequences may be enough.
The fuel companies need to be made more accountable and more transparent.

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[ posted by Ron Tarbox, 11.06.13 10:43 ]

Maybe if we the great unwashed referred to politicians,oil companies and their ilk as Yum Yums the message might get across!!!

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[ posted by richard elderfield, 11.06.13 14:16 ]

Well done Quentin,for keeping this problem of high fuel prices in the public eye.I also would like to see a strike of consumers for a couple of days at a time, spread over a period of say a month.

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[ posted by M Dorbie, 12.06.13 10:39 ]

I would like to have an answer, (if someone has one), to a long time question that's been puzzling me.
Historically diesel has been cheaper to produce than petrol and the price always used to reflect this. However some years ago the percentage of diesel vehicles greatly increased in this country, (I believe with government encouragement because it was promoted as a better environmental solution at the time). I don't visit the European mainland as much as I used to but when I did, the price difference was always maintained between the two main fuels, with petrol the higher. I am assuming this is still the case.
Why then in rip-off Britain is diesel now massively more expensive than petrol???
The prices seem to be back to their usual 1p/day or week increase already. Our price respite didn't last long.

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[ posted by I Gordon, 09.07.13 15:29 ]

How is it that Tesco vary thier prices from town to town, there is no argument on transport costs when talking about Southampton, Portsmouth, Winchester and Havant, when there is a refinary at Fawley and a depot at Hamble.

It is a good money spinner for them at Winchester as it is right on Junction nine of the M3 checking today there are 9 sites within 11 miles of Winchester selling fuel cheaper the cheapest being at Sainsbury's Bishops Waltham, where it is 134.9 per litre. Yes they have a promotion on spend so much and get 5p off per litre, the problem is they put their fuel up by 1p so you only get 4p of a litre.

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[ posted by Neil Stevenson, 12.07.13 16:03 ]

2p Petrol price increase at sainsbury today dropped 1p a few weeks back but since then gone up buy 3p SNEAKY

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