Photo: ALAMY
We have news for the MSM: There are no free markets anymore, just interventions.
As Jim Sinclair has been stating, ‘The Rig is Up!‘
Was the petrol price rigged too?
Motorists may have been paying too much for their petrol because banks and other traders are likely to have tried to manipulate oil prices in the same way they rigged interest rates, an official report has warned.
Concerns are growing about the reliability of oil prices, after a report for the G20 found the market is wide open to “manipulation or distortion”.
Traders from banks, oil companies or hedge funds have an “incentive” to distort the market and are likely to try to report false prices, it said.
Politicians and fuel campaigners last night urged the Government to expand its inquiry into the Libor scandal to see whether oil prices have also been falsely pushed up.
They warned any efforts to rig the oil price would affect how much drivers pay at the pump, which soared to a record high of 137p per litre of unleaded earlier this year.
Robert Halfon, who led a group of 100 MPs calling for lower fuel prices, said the matter “needs to be looked at by the Bank of England urgently”.
“We need to know whether the oil price has been manipulated in a similar way to Libor,” the MP for Harlow said. “This impacts on millions of people all round the country concerned about the price of petrol at the pumps.”
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AC
Big Ben is waiting until after the election not to add any more QE. However, our unemployed is currently over 25% and it is NOT going to get any better. No matter if Gold and Silver explode upwards. President Obama should be worried about our citizens in the United States and Stop worrying about those abroad.
Acruzn808 July 16, 2012 at 3:22 PM
All bobo the post turtle cares about are his banker friends & himself they put him in office & he owes them bigtime
This has to factor into the EROI and all the matters which are affected by this. Steve What is your take on this.
This has to factor into the EROI and all the matters which are affected by this.
Steve What is your take on this?
Anyone who’s been awake over the past 40 years knows the government’s been in on this little game all along. Continental drilling ‘permits’ have been routinely declining over the years, forcing recovery off-shore, into increasingly deeper and more remote waters. Just the amount of total taxes on gasoline ought to make it crystal clear! Ahh, for those good ol’ days in the 50s and 60s when competitive ‘gas wars’ pushed pump prices down to 22 cents! But, that was before Eisenhower’s ‘Interstate Highway’ (Autobahn mimic). Well … well … how ELSE to PAY for that?
Now THAT’S an issue that could get the common man out in the streets with pitchforks! Talk about how the LIBOR was manipulated and the average guy on the street would just look at you with a blank stare. Tell him that it may have influenced his mortgage, and he’d probably roll his eyes. Hey, he’s got a snazzy 3% rate on his house so why should he care?
Report unlawful use of of Pirated Software. If you suspect your company of breaking the law and using illegal software, report it to authorities. Pirated Software costs you, the taxpayer, in the end.
All other lawlessness in this Investment House will be ignored.
Yet silver, the second most used commodity after petrol, is not investigated by them…
Every human being on the planet knows the price of oil is rigged. One of these days we are going to do something about the money changers.
I’m thinking the corporation should be banned. Making a business a legal entity unto itself for the purpose of the owners not having to take personal responsibility for their actions is wrong. The corporation did it, not us shareholders, really? Corporations breed fascism as we have found out. Corporations and Wall Street are a failed experiment. Fascists 10 – Humans 0 is not a good score. Banks should hold money and collect storage fees only, a safe vault with some ATMs. Private savers can lend to business or buy into the business. Whole electoral systems have to be changed and congress, members of parliament, etc. (as well as police) should go back to being SERVANTS. Servants salaries should be cut to the point that the common people know the servants are doing their job out of love of occupation and service to society and not for the sweet cash and power they are raking in. Servants are not supposed to be rich, they should be respected and trusted. We’d have far superior governance if we had leaders from a different class of people.We got here by letting corruption pass our guard, we have got to bring to justice every corrupt politician and banker without fail – 0 tolerance.
Also, when government quits manipulating everything we won’t need exotic accountants and lawyers to figure everything out for us, Some good common law and strong bookkeeping skills should suffice we the people. I’m not intending to slur lawyers and accountants and I do realize they’d have to adapt, but they’d still make a good living because with just weights and measures, government and law, business would be booming and we’d all be whistling while we worked again. Most of us don’t aspire to a whole bunch of fancy, we don’t need all these fancy too big to jails and their corrupt systems, we are actually a lot smarter than they are, they just have the money, the power structures and the weapons. We just need the right leader before its too late.
Robert was right – Cash and the Price for Cash is Trash
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President Obama should be worried about our citizens in the United States and Stop worrying about those abroad.”