PDA

View Full Version : Shell & BP - petrol price fixing


rogerk
15th May 2013, 12:29
Shell and BP are under investigation in the UK for price fixing petrol prices to the consumer.

Could aviation fuel prices also be rigged ? ?

Burnie5204
15th May 2013, 12:42
Undoubtedly. It is alleged that its the crude oil price that they fixed rather than the product price.

Heathrow Harry
15th May 2013, 13:09
Alleged is the key word - they're also hitting Platts, who publish the numbers

Hard for three or four oil companies to fix the main price - probably some derivative fuels or a specific, small benchmark if they've done it at all

there was an article earlier this year that maybe a Russian outfit was playing games with a local benchmark crude

doubleu-anker
16th May 2013, 10:07
Not rocket science is it.

When the price of crude falls and we are paying the same if not more at the pumps, then we are being screwed. The UK government couldn't figure that out. It took the EU to instigate an investigation.

I hope the oil executives, if found guilty are strung up.

Me? I bypass the oil companies as much as I know how. I produce my own bio diesel from used veg oil. I run a two tank system, main tank for oil and 50/50 bio and diesel for starting. Been doing this for years and running at 60p/litre tops.. Normally 50p/litre. Better for the environment and better for the engine. Veg oil is a better lubricant than petroleum.

stuckgear
16th May 2013, 11:08
Have to look again but ISTR my Audi is not cleared for bio-diesel.
Don't know enough about the subject to opine why.


probably high pressure fuel rails

A A Gruntpuddock
16th May 2013, 11:19
Fuel companies search for oil, drill for it, transport it, process it and deliver it to the pumps but end up getting far less than the taxman.

Who is really ripping us off ?

OFSO
16th May 2013, 11:35
Fuel companies search for oil, drill for it

I have a friend who works offshore on the rigs. Wages are high but so is the mortality/accident rate. They earn every penny, unlike the penpushers in office and government.

ExXB
16th May 2013, 12:01
Fixed it for you

Fuel companies search for oil, and sell that to the guys who drill for it, who sell it to the guys that pipe it to the port who sell it to the guys that transport it, who sell it to the guys that pipe it to the refinery who sell it to the guys that process it who sell it to the guys that store it who sell it to the guys who deliver it to the pumps who sell it to the forecourt who sell it to you.

Who is really ripping us off ?

Tax is irrelevant to this discussion. Oil companies manipulating Platts is no different than the banks manipulating LIBOR.

Dak Man
16th May 2013, 12:07
There has to be an element of complicity from successive Governments, why raise a stink when tax revenue keeps increasing from fuel sales, it's defeatist.

ExXB
16th May 2013, 13:37
For a number of years there has been deep suspicion that petrol companies were colluding on prices, but no proof could be found. No smoking gun, no suspicious meetings, no perceived cartel enforcement.

I had understood that Platts were producing their reports based on data that they collected 'secretly' on the market. It now appears their data collection was collected on a schedule known to the petrol companies. No overt collusion, but by posting deceptive information for Platts to collect during their short 'window' affected pricing trends for all petroleum products (including those not taxed such as aviation fuel for Int'l). This is very much how the banks affected LIBOR.

Illegal? You betcha. Will we see heads roll? I doubt it. Campaign funding could be at risk.

Lon More
16th May 2013, 17:42
BP (which is no longer British P) going cap in hand to Camerloon for a bail out as a result of the costs of their mess in the Gulf of Mexico.
Will they get it or not? Either way expect further price increases.

vulcanised
16th May 2013, 19:50
BP are not asking for a bail out. They are simply asking Cameron to exert influence (hah!) to stop the bandit who is supposed to be an 'honest broker' from giving out millions of their money to people and companies who have been totally unaffected by the GOM accident.

AtomKraft
16th May 2013, 20:37
Oil companies fixing prices!

Bear uses woods as lavatory!

Pope 'is a Catholic'!

Man. It would be a story if the bastards weren't fixing the bloody price. :mad:

sisemen
17th May 2013, 01:27
Ha ha ha ha ha. Does anyone on here actually believe that the findings will be anything other than "We can find no evidence of collusion or price fixing"?

They do this regularly in Oz where the price of fuel goes up and down quicker than a hookers drawers. The prices always go up on Wednesday night and the majority inevitably seem to decide on the exact same price as the rest. Every investigation comes up with the same sentence as above. :yuk:

airwave45
17th May 2013, 22:08
I will be really surprised if there has been any fixing of prices.

having been in the biz all my adult life, it's getting horrifically expensive to get out of the ground these days.
I remember the first million dollar job I was on, a 6 week clusterf . . which ended up north of 6 figures.
Now, I spend (am responsible for spending) north of 25 mil to get a well we would have walked away from as "just not worth the effort" 20 years ago.

What there is, is harder to get to than it used to be.
Everything costs exponentially more than it used to mainly due to inflation and elf n safety.

You have to bear in mind that the pound is worth a fraction (still a significant fraction, but a fraction nonetheless) of what it was 15 years ago.

Fuel, I feel, Has gone up less noticeably than other "basics" (like tabs, food, booze)

I know I'm against the majority here but I feel that BP has had an exceptionally bad press (one which it really did not deserve) of late.
It is a bit of a sitting duck and the EU is taking the good old position of "when they are down, kick them"...

Price fixing, possibly, but I'll be very disappointed if it's shown to be the case and very disheartened too.

ExXB
18th May 2013, 10:21
The OP said it was the UK that was investigating, but AW45 blames the EU. Which one is the hero/bum?

Milo Minderbinder
18th May 2013, 11:44
Maybe in reality Shell-Mex & BP Ltd was never actually wound down
Shell-Mex and BP - Wikipedia, the free encyclopedia (http://en.wikipedia.org/wiki/Shell-Mex_and_BP)

ExXB
19th May 2013, 18:28
Is it the UK or the EC taking a leading role here?

AlpineSkier
19th May 2013, 18:30
I believe it is the EU.