BP, Shell, Statoil have been named in a proposed class action lawsuit over alleged oil price rigging

[midnight]

Chicago-based commodities trader Prime International Trading named the companies in a suit on Wednesday, accusing them of misreporting trades for the Brent oil benchmark.
It is seeking civil damages, arguing that it would have its conducted trades based on the inaccurate prices.
The EC is investigating whether the companies colluded to distort the benchmark of oil and other products by reporting distorted prices to agency Platts for more than a decade.
The Brent benchmark is used as the basis for trades and contracts for numerous products worldwide.
The EC said that small distortions to the benchmark could potentially have had a “huge impact” on prices paid by consumers at the petrol pumps.



http://www.telegraph.co.uk/finance/newsbysector/energy/10079974/BP-opposed-regulation-of-oil-price-agencies.html

[silvershadow]

1. In other words, "Hey, guys, remember when everything started being made up? Starting, oh, about

the time Bush was elected?" eom

[midnight]

2. I do believe you have that time correct..... Wisconsin had a Congressman who looked into this...

He was gone by his second term....

[silvershadow]

3. For one thing, sorta related...

I started working at a convenience store/gasoline retailer in Sept. 2001. Even with Sept. 11 happening, we were selling gas at under 1.50 a gallon. Prices varied near daily, a penny or two up or down, as it does, but with a steady increase. I remember having a lively discussion with a right-wing co-worker about it all. He disputed my claims, saying we would never see $3.00 a gallon. Also, post-9/11 we sold it for under 1.00 a gallon. You read that right. I know, it was one of my jobs to reprogram the pumps and change the signs. Granted, it was largely an aberration, for sure, but it did happen. Of course, that was the last time it ever happened.

[midnight]

4. Interesting. Here is link to some facts about pricing and events for about the same time you

indicate the steady increase...


http://www.ipspr.sc.edu/publication/The%20Petroleum%20Crisis%20Trends%20Causes,%20Effects,%20and%20Practices.pdf