Author Topic: Possible decade of Oil Price Fixing?  (Read 6131 times)

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Offline Flipside

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Possible decade of Oil Price Fixing?
http://www.bbc.co.uk/news/business-22533993

Following raids on BP, Shell and Statoil, evidence is found of over a decade of price fixing in Europe. The investigation is ongoing and the companies refuse to comment, but already there's a growing level of anger about this in the middle of severe Austerity across the entire Eurozone.

 

Offline pecenipicek

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Re: Possible decade of Oil Price Fixing?
Wouldnt surprise me the slightest bit if the prices were being fixed for even longer honestly...
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Offline Flipside

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Re: Possible decade of Oil Price Fixing?
Yup, it's not exactly a 'shock-horror' moment in European fuel-price history :)

What's going to be interesting if this is found out to be true is the tax aspect of it in countries like the UK, because it not only means we've been charged at a falsified rate but also, by proxy, we've been taxed at that same false rate.

Sad truth is, the actual victims of said crimes are unlikely to see a penny of compensation for it.

 

Offline karajorma

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Re: Possible decade of Oil Price Fixing?
Unless the British government actually enforces the law and takes 10% of their turnover. I could see that paying back the UK population quite nicely.
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Offline Flipside

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Re: Possible decade of Oil Price Fixing?
What I suspect is that the Government will make a ton of cash from it, and then the public will face an uphill climb to get any of it back, with the usual forest of red-tape being thrown up in an effort to hang on to as much as possible.

 

Offline Lorric

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Re: Possible decade of Oil Price Fixing?
What I suspect is that the Government will make a ton of cash from it, and then the public will face an uphill climb to get any of it back, with the usual forest of red-tape being thrown up in an effort to hang on to as much as possible.

I don't think that would be very smart if they got such money. This I would see as a golden opportunity if I was in power. An opportunity to create goodwill among the voters. This issue effects everyone. Every single voter.

On the flipside, it will be seen (and rightfully so) as stealing money if they don't give it back. The only way they can get to keep some money is if the fine exceeds the money the people were screwed out of. It would also be good for the economy. I'm sure some people would just spend it.

 

Offline Flipside

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Re: Possible decade of Oil Price Fixing?
Sadly, our Government has never proved to be particularly bright when it comes to dealing with financial injustice towards its citizens, the Northern Rock issue highlights this, where the bank was nationalized with public money, then later the profitable bits were sold to Virgin Money. We are now the proud owners of an awful lot of debt.

There does seem to be a Parliamentary attitude that the reason people pay taxes in the UK is to serve the Governmental interests, rather than to allow the Government to serve to public interests.

 

Offline BloodEagle

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Re: Possible decade of Oil Price Fixing?
Sadly, our Government has never proved to be particularly bright when it comes to dealing with financial injustice towards its citizens, [...]

Has any government ever been bright in that regard?

We are now the proud owners of an awful lot of debt.

Welcome to the club!  You can get your ''merica!' t-shirt in the corner over there.  :p

 

Offline Lorric

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Re: Possible decade of Oil Price Fixing?
Sadly, our Government has never proved to be particularly bright when it comes to dealing with financial injustice towards its citizens, the Northern Rock issue highlights this, where the bank was nationalized with public money, then later the profitable bits were sold to Virgin Money. We are now the proud owners of an awful lot of debt.

There does seem to be a Parliamentary attitude that the reason people pay taxes in the UK is to serve the Governmental interests, rather than to allow the Government to serve to public interests.

Well, I guess time will tell. Let's see if there's any money to divide up. Even in a cynical light though, the government's interests could be keeping us sweet...

 

Offline swashmebuckle

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Re: Possible decade of Oil Price Fixing?
Well the industry is already dominated by a cartel at the top and features pervasive tacit collusion when it comes to prices at the pump, so I can't say I blame them for going for the hat trick. I mean, they probably aren't going to succeed at destroying the planet for at least another 50 years, and that might not even work! Cut them some slack, judge! :hammer:

 

Offline Al-Rik

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Re: Possible decade of Oil Price Fixing?
At least in Germany the main part of the Petrol/Oil Price is taxes, and I doubt that it is different in other Nations.
It's a little bit of hypocrisy when the politicians blame the Oil Company's for high prices...

The gas stations should print their bills on paper in the nations colour and the national anthem should be played then the bill is printed, so that the taxpayer has at least some patriotic feelings after refuelling. ;)

 
Re: Possible decade of Oil Price Fixing?
In the U.S. federal taxes are about 18 cents a gallon, plus any additional state excise taxes.  Yes, that means we have much cheaper gas than you guys in Europe.
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Re: Possible decade of Oil Price Fixing?
otoh in europe you can actually live without a car; swings and roundabouts, etc.
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Offline Lorric

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Re: Possible decade of Oil Price Fixing?
It doesn't bother me, but it's always good for a laugh if there are people around and a TV, and an American shows up on said TV whining about the price of gas. It really grinds gears here!  :D

 

Offline Solatar

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Re: Possible decade of Oil Price Fixing?
I'd love European-style gas prices over here in the US for a decade or two.  At the current gas prices, we're never getting a functional, nationwide train system. :p

 

Offline Flak

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Re: Possible decade of Oil Price Fixing?
The people (or rather, paid thugs of some shady people who sell subsidiary fuel overseas) are making a lot of noise here. Our president is unfortunately either idiotic or a total coward not to adjust the prices accordingly even though there should have been a price raise a long time ago. We actually could get away with this price (ie about in today's currency US$ .50 per l) if we own a refinery just like Iran do.

 

Offline Al-Rik

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Re: Possible decade of Oil Price Fixing?
I'd love European-style gas prices over here in the US for a decade or two.  At the current gas prices, we're never getting a functional, nationwide train system. :p
:confused: I don't see the connection.
A national wide train system would IMHO more compete with air traffic.
A train may be faster than a car, but the plane is much faster, and sometimes even cheaper. Yet alone the time from the airport/train station to the final destination may be in favour for the car.

 
Re: Possible decade of Oil Price Fixing?
yes, usable bus/metropolitan train systems are probably what they mean
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Offline jr2

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Re: Possible decade of Oil Price Fixing?
Sorry, that only works in the cities and suburbs.  The rural population would get the shaft on this, as they are already paying a lot in gas to travel to work (unless they are lucky enough to have a job in their small town, but if they do, it's likely to pay substantially less wages) and now they will be paying double or triple, and they don't get paid nearly as much as jobs in the city / surrounding areas pay (which isn't to say the urbanites have it made, as the housing and food costs near the city are astronomical too).

 

Offline MP-Ryan

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Re: Possible decade of Oil Price Fixing?
It doesn't bother me, but it's always good for a laugh if there are people around and a TV, and an American shows up on said TV whining about the price of gas. It really grinds gears here!  :D

Hold up.  Part of the reason many Americans - and Canadians - get wound up about the price of gas is because they live literally a stone's throw from where the oil is extracted from the ground, refined, processed, and sold as gasoline.

It is patently ridiculous that I, in Edmonton, Alberta, next to the motherfing refineries and immediately adjacent to the oil production wells, can end up paying more for gasoline than people in Ontario, Washington DC, etc.  I'm sure an awful lot of Texans have similar sentiments.

The other issue is that - unlike the UK - for most people in Canada and the US, NOT driving is not an option.  We don't have near the transportation systems Europe has, mostly because everything is spaced so far apart.  Canada has 35ish million people and the second-largest landmass of any country on the planet.  Compare to the UK's 62 million people crammed into a country that could fit into a single moderately-sized Canadian province 3-4 times over.

There is a reason we ***** about gasoline prices.  We HAVE to drive.  The majority of the residents of the UK do not.
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