After a quiet summer the oil speculators are back at their desks. And guess what? Crude is starting to go up in price and we're told to expect to pay another 5p for every a litre of fuel in the next month. With a dreary predictability the oil traders have latched on to the crisis and Egypt and decided that the price of oil needs to increase even though there's been no interruption to supply. How can they be so brazen, so opportunist? There's no reason for oil to go up in price. Demand from China, Europe and the US is at an historic low, supply from Saudi has never been higher, so oil should actually be going down in price, not up.
This week's announcement is clear and obvious proof that the oil market is being shockingly manipulated. When price rises have absolutely nothing to do with supply and demand we know that there are other forces at work. And these mischievous forces have the power to destabilise the global economic recovery. I'm amazed at the sheer impudence and obviousness of the timing of this price rise. These guys go away on holiday and the price of crude flatlines. They come back to work and oil instantly goes up. Do they think we can't see this? Do they think we're blind to this frightening level of deviousness? What should really alarm us all, is that they clearly think that they're above the law. They've heard about investigations into price manipulation in the US and Europe and calls for the same in the UK, and they just laugh out loud. The oil industry believes its just too powerful and wealthy to be challenged by consumer outrage or government legislators. They clearly have no conscience whatsoever.
And if the UK doesn't join the US and Europe in demanding an investigation then we will have to come to the obvious and deeply sad observation that this government doesn't want to rock the proverbial supertanker. That their tax revenues are to valuable to be disturbed and they don't want to upset London's oil trading desks. FairFuelUK will continue to pressure this government and Robert Halfon MP and I will lobby Parliament to help stop this huge and scandalous level of price fixing. I wave an apocalyptic finger and say that this autumn we'll see more baffling rises just like this causing the price at the pumps to creep insidiously upward. We simply mustn't let this deliberate and uncontrolled fuel-price inflation continue. In a first world economy where transparency is hailed as a moral imperative the oil market is shamefully and willfully arrogant. Something has to be done and heads should roll.