TV News LIES

Sunday, Jul 24th

Last update05:20:13 AM GMT

You are here News Economy Was the price of oil rigged too?

Was the price of oil rigged too?

E-mail Print PDF

Oil pricesConcerns are growing about the reliability of oil prices, after a report for the G20 found the market is wide open to “manipulation or distortion”. Traders from banks, oil companies or hedge funds have an “incentive” to distort the market and are likely to try to report false prices, it said.

Politicians and fuel campaigners last night urged the Government to expand its inquiry into the Libor scandal to see whether oil prices have also been falsely pushed up.

They warned any efforts to rig the oil price would affect how much drivers pay at the pump, which soared to a record high of 137p per litre of unleaded earlier this year.

Robert Halfon, who led a group of 100 MPs calling for lower fuel prices, said the matter “needs to be looked at by the Bank of England urgently”.

"We need to know whether the oil price has been manipulated in a similar way to Libor,” the MP for Harlow said. “This impacts on millions of people all round the country concerned about the price of petrol at the pumps.”

More...


Most Recent Related Stories...


FBI arrests senior HSBC banker accused of rigging multibillion-dollar deal

HSBCA senior HSBC banker has been arrested by the FBI as he attempted to board a...

Stocks rebound after Brexit sell-off; Dow closes up more than 250 points

NYSEU.S. stocks closed higher Tuesday, lifted by gains in oil prices, as investors looked for bargains...

Puerto Rico Defaults on Constitutionally Guaranteed Debt

Puerto Rico defaults The Puerto Rican government failed to pay almost half of $2 billion in bond payments due...

A third of cash is owned by 5 U.S. companies

Cash owned by five corporationsThe rising cash holdings of U.S. corporations is increasingly in the hands of a few U.S....
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!