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Oil-price manipulation: the next Libor?
CNN Money website ^ | May 17, 2013 | James O'Toole

Posted on 05/18/2013 5:07:57 AM PDT by RayChuang88

Some of the world's biggest oil companies may have a new mess on their hands.

The European Commission raided the offices of Shell, BP and Norway's Statoil this week as part of an investigation into suspected attempts to manipulate global oil prices spanning more than a decade.

None of the companies have been accused of wrongdoing, but the controversy has brought back memories of the Libor rate-rigging scandal that rocked the financial world last year.

(Excerpt) Read more at money.cnn.com ...


TOPICS: Business/Economy; Crime/Corruption; Government
KEYWORDS: oil; pricefixing; scandal
This has the potential to make the Libor scandal that roiled financial markets last year seem like a minor event. The fact oil prices were artificially manipulated by oil companies and hedge funds means any large scale trader with a nefarious goal could drastically affect the price of oil for political ends. Does the name George Soros ring a bell?
1 posted on 05/18/2013 5:07:57 AM PDT by RayChuang88
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To: RayChuang88

Soros ought to be in prison.


2 posted on 05/18/2013 5:23:14 AM PDT by Shady (Abolish The IRS and Obamacare...it isn't going to cure anything...)
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To: RayChuang88

Theres two ways to manipulate the price of oil, you can cut back production thus increasing demand or you buy up all the production or as much as you can and sit on it creating the same demand. Which one are they being accused of?


3 posted on 05/18/2013 5:25:14 AM PDT by Dusty Road
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To: Dusty Road

The best I can tell from the story is that they think somebody might be “painting the tape” in thin end-of-day trading. I’d have to bet that that eventually points to speculators instead of producers and end users, as there are almost certainly many more speculators, and of course they were the ones who ran it to $140 a couple of years ago.


4 posted on 05/18/2013 5:30:32 AM PDT by jiggyboy (Ten percent of poll respondents are either lying or insane)
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To: Shady
Soros ought to be in prison.

Actually, there are five countries that have arrest warrants out for the kapo. Russia, France and Thailand are three that come to mind.

5.56mm

5 posted on 05/18/2013 5:30:55 AM PDT by M Kehoe
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To: jiggyboy

Oops, forgot the classic threads fingering speculators:

http://www.freerepublic.com/focus/news/2290640/posts
http://www.freerepublic.com/focus/f-news/2854450/posts
http://www.freerepublic.com/focus/news/2483774/posts


6 posted on 05/18/2013 5:38:13 AM PDT by jiggyboy (Ten percent of poll respondents are either lying or insane)
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To: RayChuang88

Just going after deep pockets.
Call me when they go after the real culprits...OPEC


7 posted on 05/18/2013 5:58:54 AM PDT by griswold3
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Comment #8 Removed by Moderator

To: jiggyboy

Thwy were also the ones who got caught holding 140 dollar a barrel oil when the price crashed. How would like to have been one of those that had a tanker full of 140 dollar oil only to have the price crash below a 100 before you could get it to port. Thats a very risky business.


9 posted on 05/18/2013 6:00:04 AM PDT by Dusty Road
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To: Renegade1776

Welcome to Free Republic!


10 posted on 05/18/2013 6:06:54 AM PDT by Steely Tom (If the Constitution can be a living document, I guess a corporation can be a person.)
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To: Shady

Soros ought to be found dead in prison.


11 posted on 05/18/2013 6:12:43 AM PDT by freedomfiter2 (Brutal acts of commission and yawning acts of omission both strengthen the hand of the devil.)
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To: Dusty Road

So what. They also made their money on the way up. Energy is too important to use for gambling. Only oil businesses should be buying and selling oil. Get the banksters out.


12 posted on 05/18/2013 6:14:51 AM PDT by freedomfiter2 (Brutal acts of commission and yawning acts of omission both strengthen the hand of the devil.)
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To: RayChuang88

Would not be surprised Soros would be involved...

But, too many GOP are tied to Soros. McCain and Graham have received money from Soros via his Open Society group....and Marco Rubio’s Chief of Staff, Cesar Conda, worked for a Soros publication.

Too many in GOP are tied to Soros....nothing probably will happen


13 posted on 05/18/2013 6:27:15 AM PDT by SeminoleCounty (GOP - Greenlighting Obama's Programs)
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To: SeminoleCounty

To: jiggyboy
Thwy were also the ones who got caught holding 140 dollar a barrel oil when the price crashed. How would like to have been one of those that had a tanker full of 140 dollar oil only to have the price crash below a 100 before you could get it to port. Thats a very risky business..........

It’s just “pocket change” to those people.


14 posted on 05/18/2013 6:39:50 AM PDT by Progov (I'm for HONEST government)
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To: freedomfiter2

Kinds the way it was before 1983.


15 posted on 05/18/2013 6:56:08 AM PDT by Dusty Road
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To: RayChuang88
The fact oil prices were artificially manipulated by oil companies and hedge funds means any large scale trader with a nefarious goal could drastically affect the price of oil for political ends.



 

http://www.google.com/#hl=en&sclient=psy-ab&q=oil+manipulation+site:www.zerohedge.com

 

16 posted on 05/18/2013 7:01:24 AM PDT by TArcher ("TO SECURE THESE RIGHTS, governments are instituted among men" -- Does that still work?)
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