Wednesday, July 24, 2013

For months FairFuelUK has been a lone voice pleading for something to be done about oil price manipulation. UK regulators turned their backs on our calls for transparency (I personally wrote to them all) and at times we felt very isolated indeed. Now nobody should be in any doubt that our concerns were absolutely valid because the US Federal Reserve is calling for a ban on banks holding oil stocks. Investigators have proved that aggressive speculation in commodities by major finance houses has pushed up the prices of food, metal and fuel. This week a US trader was fined over $1 million and banned from trading for a year for using a high-frequency trading system to manipulate three oil futures markets. Thousands of fake buy or sell orders for Brent Crude, Gas Oil and Western Texas Intermediate futures were placed to deliberately distort the market price and then bets were placed against the bogus trades to make profits which amounted to $1.3 million. This was a relatively small scam operated by a lone operator and is just the tip of an enormous iceberg. In 2003 the amount of money going into the oil futures market was $13 billion. By 2008 that cash flow had mushroomed to $260 billion. This gives you an idea of just how much money is involved in the oil futures market and how vulnerable it could be to price fixing. One oil broker I spoke to said that price manipulation is completely routine, has been going on for years and that there's a big price fuel oil manipulation scam now brewing on the Singapore market.


 

The Americans should be congratulated for beginning a process of investigation that has the global oil market deeply worried. But what's to stop those same traders, speculators and brokers just transferring their activities to the ICE Futures Europe exchange in London? Especially since our government seems reluctant to take on the powerful city oil trading desks and lacks the political will to do what the Americans have done. The evidence is mounting now and Robert Halfon MP and I will continue our calls for a Parliamentary inquiry to properly regulate this industry once and for all.'




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ADD YOUR OWN COMMENTS BELOW THIS POST. THEY ARE VERY WELCOME


[ posted by Sheila Moffett, 24.07.13 13:09 ]

I e mailed 6 of my mp's msp's about fuel costs 2 got back to me great eh this is how much they care and are really in this world

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[ posted by brian sadler, 24.07.13 13:14 ]

Things have to change, lies, scams, corruption will not win. It's time for people to rise up and take these b......s down. We pay governments to look after us, they have failed, mainly because they are part of the problem. We need ordinary people calling the shots so we can all just live again. I hope the greedy are caught and punishment is given.

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[ posted by Phillip Nosworthy, 24.07.13 13:37 ]

Great Stuff - We have all known for years that the price of Oil, Food and indeed Gold has been subjected to mass speculation. A friend spread-bets in his spare time and he too has said how rife the speculation on these commodities has been. He himself has been contacted by friends in the US about joining / teaming up on the market to which he refused. I hope the US takes the matter further and then the UK and EU may not have a choice.

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[ posted by Peter Frost, 24.07.13 14:00 ]

I would simply add that, at the top of your page, you have an image showing a fuel price of about £1.29.
Perhaps you should show 3 - one from 2010, the one you have already, & the current price (as it now stands at around £1.41 for diesel) - simply to get the message over that despite all our protests, we ARE being ignored.

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[ posted by Andrew Scrivener, 24.07.13 14:02 ]

I am disgusted with this country turning its back on the investigation , which to me proof that there must be some back handers hear , i do not trust this government one little bit . I do not trust any of them ,there all liers , plus you watch the MP"s will take there wage rise . I do hope the Americans inquiry is a success , and it is made public ,and they are all brought to justice . GREEDY GREEDY SO AND SO"S , cannot swear on hear but you know how angry this makes me ,Good luck to your team i will look forward to the result .

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[ posted by admin, 24.07.13 14:20 ]

Yep good point. That price is our aspiration in line with Europe. The site is about to be revamped soon

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[ posted by Brian Saunders, 24.07.13 20:18 ]

I would like to thank you Quentin and your team for bringing this to light and hopefully everyone will get a FairFuel deal.

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