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First PPI, then LIBOR now Oil Prices

BusinessPosted by Christian Mark Taylor Thu, May 16, 2013 19:15:58

It is deeply concerning to hear that certain oil giants may have been fixing their prices for at least a decade. But does this come as any surprise to any one of us? The public have been complaining about prices at the pump for over a decade. We all know we pay more in this country than in any other major country in Europe and the World. When the price of oil goes up per barrel, the price goes up at the pump. When the price of oil per barrel goes down, the price of at the pump stays the same or you have a small token reduction. It doesn’t help when oil is priced in Dollars!

I would not be shocked to see these allegations confirmed, but I am shocked that after all the years of speculation and complaints, it has taken this long to investigate and it is the European Commission investigators not the Office of Fair Trade that are looking into the potential price fixing.

Ironic that the country is in Euro bashing mode at the moment, especially with the Queen’s Speech Amendment Bill on the EU referendum being voted on in the House of Commons tonight, and it is the EU that have stepped up on our behalf.

What happens if the allegations are proved and these oil giants have been fixing their prices? They get fined, which is hardly going to damage their huge profits. If they are fined then those costs work there way down to the consumer eventually. How can we compensate those that have been wronged over the last decade, the consumer. In these times of austerity, how well better off would a household be if they had not paid inflated prices at the pump? The answer is probably the same as they are now, because they would have spent the excess money.

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