Posts Tagged ‘BP’

The whistleblower gave Halfon a statement in which he said the price of oil was being deliberately distorted: ‘I trade the oil market on a daily basis and every day the price is manipulated,’ he said. ‘There is ample oil in the system to satisfy demand at the moment. Profiteering seems to be the only [...]

John, Your readers may find the following links interesting in view of the latest allegations regarding Royal Dutch Shell, BP, StatOil, and perhaps others: Racketeer Influenced and Corrupt Organizations Act - Wikipedia, the … en.wikipedia.org/…/Racketeer_Influenced_and_Corrupt_Organizations_…‎ This law-related article does not cite its references or sources. You can help Wikipedia by including appropriate … Summary - RICO predicate offenses - Application of RICO laws - Famous cases [...]

By John Donovan Assessment of current situation in the price-rigging investigation partly based on an articled published today by The Lawyer today under the headline “All eyes on energy“: Royal Dutch Shell is being advised by Clifford Chance in relation to the allegations of price-fixing. Competition lawyers say that the investigation could be “bigger than [...]

FINANCIAL TIMES By Ajay Makan and Javier Blas in London: May 17, 2013 5:48 pm In simultaneous raids this week on the offices of the oil majors BP, Royal Dutch Shell and Statoil of Norway, and Platts, a leading price reporting agency that helps set energy benchmark prices, the European Commission has fired the starting [...]

Selection of Shell related article links kindly provided by a regular contributor If ‘everyone knew’ the oil market was open to rigging, why did no one …The Guardian-It is worth spelling out that manipulation of the oil market, which could … Statoil, BP and Shell are not just petrol providers – they are major gas … European probe into oil price-fixing widens to Finland: Marketplace.org-May 17, 2013: [...]

Top petrol chiefs held talks once a year: The whistleblower claimed the office was swept for bugs before the talks, lasting nearly two hours. He added: “The security around their meetings was incredible. There was lock-down. The whole floor was a no-go area for anyone else. “It was just the two of them — the [...]

  Royal Dutch Shell lobbied against proposed European rules designed to clamp down on commodity market abuse, arguing they would raise costs for consumers and increase market volatility. Shell argued strongly against elements of EC reforms to “strengthen the fight against market abuse across commodity and related derivative markets”.   By Emily Gosden: 10:00PM BST [...]

Oil markets fall under the suspicion of price-fixing on a global scale May 18th 2013 |From the print edition IT IS a lesson of the past five years that benchmarks in unregulated markets can fall victim to the incentives they create. Subprime mortgages bundled into securities often won high scores from ratings agencies that stood [...]

Kevin McCoy, USA TODAY4:43 p.m. EDT May 17, 2013 U.S. public concern over a European probe into possible oil price manipulation escalated Friday as the head of the Senate Committee on Energy and Natural Resources urged the Justice Department to join the investigation. The request from Sen. Ron Wyden, D-Ore., came after European Union investigators [...]

  Published: Friday, 17 May 2013 | 3:54 AM ET European anti-trust investigators searched the offices of price agency Platts and at least one major oil company for a third day on Thursday, hunting for evidence of possible price manipulation on oil markets, witnesses said. Authorities raided the London bureau of Platts in Canary Wharf [...]

EXAMPLES OF UK TABLOID COVERAGE OF ALLEGED PRICE FIXING AT THE PUMP pdf file of above pages

UK fraud authorities are “urgently reviewing” whether to launch an investigation into companies that may have rigged the oil market and driven up petrol costs for millions of drivers. By Rowena Mason and Christopher Hope: 7:06PM BST 16 May 2013 The Serious Fraud Office said it is considering an inquiry, after European Commission officials raided [...]

By Robert Tuttle – May 16, 2013 5:00 AM GMT+0100 Royal Dutch Shell Plc (RDSA) may export U.S. natural gas in liquid form, convert it into chemicals or build a gas-to-liquids plant to produce fuel, said the company’s country chairman for Dubai and the northern emirates. Shell is considering the possibilities, and “it is too [...]

Oil price fixers should face prison, says Cameron: ‘Rigging’ might have cost every household £2,000  Oil giants Shell and BP accused of fixing prices for more than a decade. PM said allegations ‘hugely concerning’ and threatens to prosecute bosses. Experts believe scandal could have cost consumers thousands at the pump By Rob Davies and Jason [...]

15 May 2013 Last updated at 13:54 David Cameron is extremely concerned by claims of price fixing by major oil companies, Downing Street has said. The prime minister’s spokesman said it was “deeply worrying” if prices have been driven up for consumers. Oil giants including BP and Shell are facing claims they have been fixing [...]