BP and Shell 'rigged Brent oil price for a decade'?
BP and Shell 'rigged Brent oil price for a decade', traders claim
By Emily Gosden
The Telegraph UK
11:15AM GMT 06 Nov 2013
BP and Royal Dutch Shell have been accused of manipulating the Brent crude oil price for more than a decade, in allegations filed in a lawsuit New York.
The North Sea oil benchmark is used as the basis for trades across the global commodity markets, affecting the price of thousands of consumer products from petrol to food.
The class action claim, brought by four traders, was lodged last month in the wake of the European Commission in May launching an investigation into alleged price rigging by the companies.
The US Federal Trade Commission in June launched its own investigation into the allegations. It is understood the US regulators asked Shell to provide them with the same information it had provided to European authorities, but that the Anglo-Dutch giant referred them back to Brussels.
What baffles me with this case is.....at the heart of it.....is a 'supposed' scheme of short selling. Need I remind you that short selling is betting something is going to go DOWN. Is the argument focused on oil companies trying to manipulate the price of curde oil..........lower? How does someone prove a convincing 'time-line' with questionable trades in establishing crude oil cost? If this goes to trial......it will be in court for years..........and then appealed...........and, eventually, over turned. (Lawyers will win .... and that is why lawyers are trying to bring this case to court. Just curious..........I wonder if there are any lawyers from Louisiana working on this one?)
opec has rigged world oil prices for almost five decades--- never have understood why "world" did not take some kind of redress-- in polypropylene, diamonds, etc I remember WTO taking action. If US,Brazil, and Canada tried to rig grain prices it would be a wonderful way to solve our debt problem but the world would cry foul and WTO would act immediately. I just don't understand the OPEC monopoly avoiding world condemnation and trade action. Hell you would think lawyers would go after OPEC when you look at the cities they are building you know they have the money.