GasBuddy Blog

GasBuddy News Article

votes

UK Telegraph: Were gasoline prices rigged too?

GasBuddy Blog -- A recent story in the UK Telegraph prompts concern about gasoline prices being rigged after it was discovered that Barclay's manipulated interest rates based on submitting false trade data.

Apparently, a recent study by a group for the G20 found that gasoline and crude markets are wide open to manipulation and distortion. According to the study, various traders from banks, oil companies or hedge funds have an incentive to distort the market and are likely to try to report false prices.

In reacting to the story, UK 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, according to the Telegraph.

Read the Full Article

Submitted Jul 17, 2012 By: PD

Back To News

Category: GasBuddy Official Blog > Topics	Add to favorite topics Post New Topic

Author	Topic: UK Telegraph: Were gasoline prices rigged too?	Post a Reply Back to Topics

REPLIES (newest first)Ignore Short Messages

First

Next Last

stonecold5005 All-Star Author Waco Posts:817 Points:20,240 Joined:Mar 2012	Message Posted: Aug 17, 2012 11:49:34 AM Ignore stonecold5005 Report Abuse ok
txrojo2005 All-Star Author Austin Posts:771 Points:483,055 Joined:May 2011	Message Posted: Aug 17, 2012 11:14:56 AM Ignore txrojo2005 Report Abuse If rigged, what else is rigged?
gasokie Champion Author Oklahoma Posts:3,451 Points:1,327,985 Joined:May 2007	Message Posted: Aug 13, 2012 11:54:04 AM Ignore gasokie Report Abuse Ah! Paranoia rules in England too?
pfone1847 Champion Author Illinois Posts:3,201 Points:626,505 Joined:Oct 2010	Message Posted: Aug 13, 2012 3:23:41 AM Ignore pfone1847 Report Abuse Rigged huh? Imangine that.
timbit0 Rookie Author Ontario Posts:7 Points:53,055 Joined:Jun 2004	Message Posted: Aug 12, 2012 8:24:52 PM Ignore timbit0 Report Abuse ok.
Reishman Veteran Author Illinois Posts:384 Points:518,865 Joined:Sep 2006	Message Posted: Jul 24, 2012 9:03:49 PM Ignore Reishman Report Abuse Space is vast.
gasokie Champion Author Oklahoma Posts:3,451 Points:1,327,985 Joined:May 2007	Message Posted: Jul 24, 2012 6:03:01 PM Ignore gasokie Report Abuse I know a few "oil and gas" people. I don't think they are smart enough to g et together and fix anything....much less prices. Grow up.
txrojo2005 All-Star Author Austin Posts:771 Points:483,055 Joined:May 2011	Message Posted: Jul 23, 2012 10:52:03 AM Ignore txrojo2005 Report Abuse I do not believe any government reports. Besides they will be revised when you are not looking.
albert2008 Champion Author Winnipeg Posts:7,367 Points:1,483,935 Joined:Sep 2008	Message Posted: Jul 23, 2012 10:01:47 AM Ignore albert2008 Report Abuse more then likely
GGAlbo Champion Author Detroit Posts:2,248 Points:1,888,050 Joined:Sep 2006	Message Posted: Jul 23, 2012 9:05:00 AM Ignore GGAlbo Report Abuse Yes!
GasPriceHelp4u Champion Author Dayton Posts:2,702 Points:571,725 Joined:Jul 2008	Message Posted: Jul 23, 2012 6:09:41 AM Ignore GasPriceHelp4u Report Abuse I remember $0.79
Reishman Veteran Author Illinois Posts:384 Points:518,865 Joined:Sep 2006	Message Posted: Jul 21, 2012 5:28:23 PM Ignore Reishman Report Abuse I'm on a boat!
stonecold5005 All-Star Author Waco Posts:817 Points:20,240 Joined:Mar 2012	Message Posted: Jul 21, 2012 6:34:41 AM Ignore stonecold5005 Report Abuse hmmmmm
honda0105 Champion Author Tallahassee Posts:18,650 Points:1,612,445 Joined:Nov 2008	Message Posted: Jul 20, 2012 4:56:55 AM Ignore honda0105 Report Abuse all things that ppl need regularly have been pretty much rigged. There's big money to be made, let's keep prices high. Used to be called Cartell.
KAR120CSII Champion Author Oregon Posts:3,193 Points:623,645 Joined:Apr 2010	Message Posted: Jul 20, 2012 12:42:33 AM Ignore KAR120CSII Report Abuse Darn those Socialists -- they want an even playing field.
Gerardtd Veteran Author Toronto Posts:371 Points:176,200 Joined:May 2009	Message Posted: Jul 20, 2012 12:11:32 AM Ignore Gerardtd Report Abuse This has been going on for decades already.
gasbuddy111 Rookie Author San Diego Posts:45 Points:24,805 Joined:Nov 2008	Message Posted: Jul 19, 2012 9:39:49 PM Ignore gasbuddy111 Report Abuse Next question: If there are 100 capitalists in a room with 99 chairs, what happens to the chairs?
gasbuddy111 Rookie Author San Diego Posts:45 Points:24,805 Joined:Nov 2008	Message Posted: Jul 19, 2012 9:06:11 PM Ignore gasbuddy111 Report Abuse Question: If there are 100 socialists in a room with 99 chairs, what happens to the chairs?
gasokie Champion Author Oklahoma Posts:3,451 Points:1,327,985 Joined:May 2007	Message Posted: Jul 19, 2012 12:39:03 PM Ignore gasokie Report Abuse Sounds like some more socialist paranoia to me.
redbeard47229 All-Star Author Indiana Posts:675 Points:43,045 Joined:Feb 2012	Message Posted: Jul 19, 2012 10:23:25 AM Ignore redbeard47229 Report Abuse the gov is probably doing the rigging
rogerparry Champion Author Florida Posts:9,575 Points:1,919,355 Joined:Jan 2008	Message Posted: Jul 19, 2012 5:25:04 AM Ignore rogerparry Report Abuse When will this end?
rogerparry Champion Author Florida Posts:9,575 Points:1,919,355 Joined:Jan 2008	Message Posted: Jul 19, 2012 5:20:01 AM Ignore rogerparry Report Abuse Stop the speculators.
honda0105 Champion Author Tallahassee Posts:18,650 Points:1,612,445 Joined:Nov 2008	Message Posted: Jul 19, 2012 5:00:40 AM Ignore honda0105 Report Abuse Pig Oil + Pig Banks = Pig Money. Cartells are alive and well.
honda0105 Champion Author Tallahassee Posts:18,650 Points:1,612,445 Joined:Nov 2008	Message Posted: Jul 19, 2012 4:59:52 AM Ignore honda0105 Report Abuse that's what some of use said for a long time...
KAR120CSII Champion Author Oregon Posts:3,193 Points:623,645 Joined:Apr 2010	Message Posted: Jul 18, 2012 10:19:47 PM Ignore KAR120CSII Report Abuse Tell me it ain't so.
IrishCowboy Champion Author Fort Wayne Posts:1,432 Points:573,975 Joined:Jan 2011	Message Posted: Jul 18, 2012 5:45:06 PM Ignore IrishCowboy Report Abuse Ya think?
txrojo2005 All-Star Author Austin Posts:771 Points:483,055 Joined:May 2011	Message Posted: Jul 18, 2012 4:25:49 PM Ignore txrojo2005 Report Abuse This would affect more that oil prices.
zaq001 Champion Author Atlanta Posts:3,995 Points:1,476,000 Joined:Oct 2008	Message Posted: Jul 18, 2012 3:52:43 PM Ignore zaq001 Report Abuse Hmmmm...probably by OPEC nations.
bell05 Champion Author Atlanta Posts:9,270 Points:1,879,535 Joined:Jun 2005	Message Posted: Jul 18, 2012 3:12:37 PM Ignore bell05 Report Abuse old news.
rockymountman Champion Author Roanoke Posts:1,974 Points:404,585 Joined:Jul 2011	Message Posted: Jul 18, 2012 2:26:25 PM Ignore rockymountman Report Abuse whatever
andy1024 Champion Author Allentown Posts:1,717 Points:451,175 Joined:Dec 2011	Message Posted: Jul 18, 2012 1:55:12 PM Ignore andy1024 Report Abuse Quite possibly.
thirty8paces Champion Author Baltimore Posts:4,536 Points:1,110,030 Joined:Sep 2008	Message Posted: Jul 18, 2012 12:55:17 PM Ignore thirty8paces Report Abuse Unbelievable! How dare they!
idigau22 Champion Author Washington Posts:23,429 Points:3,204,910 Joined:Apr 2003	Message Posted: Jul 18, 2012 12:52:47 PM Ignore idigau22 Report Abuse Now come on people! Would the various traders from banks, oil companies or hedge funds really do that?? Where is your trust?? Having the Government expand its inquiry is like having the Fox watching the Hen House!!!
FortVancouver01 Champion Author Washington Posts:1,180 Points:290,745 Joined:Jul 2012	Message Posted: Jul 18, 2012 12:51:31 PM Ignore FortVancouver01 Report Abuse This is posted as a question? Give me a break.
firechief Champion Author New York Posts:3,456 Points:2,069,825 Joined:Mar 2004	Message Posted: Jul 18, 2012 12:51:14 PM Ignore firechief Report Abuse Yes grasshoper they were, and always are
PathTrack Champion Author Twin Cities Posts:1,204 Points:134,855 Joined:Jan 2005	Message Posted: Jul 18, 2012 12:50:26 PM Ignore PathTrack Report Abuse Does a bear sh** in the woods?
GasRedliningSuk Champion Author Michigan Posts:5,860 Points:1,128,690 Joined:Jul 2008	Message Posted: Jul 18, 2012 12:50:17 PM Ignore GasRedliningSuk Report Abuse Duh!
tutaw Champion Author Kentucky Posts:3,633 Points:845,995 Joined:Sep 2008	Message Posted: Jul 18, 2012 12:49:51 PM Ignore tutaw Report Abuse yes
BurtB Champion Author Los Angeles Posts:5,197 Points:1,369,240 Joined:Jun 2006	Message Posted: Jul 18, 2012 12:49:06 PM Ignore BurtB Report Abuse Since speculators make money on the swing, not the price. How were the prices rigged? Rigged to do what? A speculator makes more money on gas prices swinging from 80 to 70 to 80 every week for 4 weeks, than the price going from 80 to 100 over a month.
gravityhurts Champion Author North Carolina Posts:4,108 Points:940,430 Joined:Sep 2008	Message Posted: Jul 18, 2012 12:47:45 PM Ignore gravityhurts Report Abuse I'm going to have to say..aaah...YES!
repeater1 Champion Author Topeka Posts:8,318 Points:2,368,745 Joined:Oct 2005	Message Posted: Jul 18, 2012 12:46:30 PM Ignore repeater1 Report Abuse It doesn't take an Einstein to answer that question.
JimL1 Champion Author Phoenix Posts:8,222 Points:1,243,395 Joined:Jul 2003	Message Posted: Jul 18, 2012 12:44:08 PM Ignore JimL1 Report Abuse Of course prices are rigged. DUH!!!!!!
Donliberty Champion Author New York Posts:1,683 Points:656,940 Joined:Apr 2011	Message Posted: Jul 18, 2012 12:43:49 PM Ignore Donliberty Report Abuse ok
Mikey15 Rookie Author Dayton Posts:95 Points:204,610 Joined:Apr 2007	Message Posted: Jul 18, 2012 12:43:11 PM Ignore Mikey15 Report Abuse I thought all people involved in trading were honest ...
JXQW Champion Author Kansas City Posts:2,787 Points:684,925 Joined:Jul 2008	Message Posted: Jul 18, 2012 12:41:06 PM Ignore JXQW Report Abuse I would say probably ...
greenfog Champion Author Illinois Posts:6,510 Points:1,642,270 Joined:Feb 2008	Message Posted: Jul 18, 2012 12:40:21 PM Ignore greenfog Report Abuse oil and gas prices manipulated? surely not! any one involved in such activities need to pay massive fines and do jail time in a real prison not the white collar kind that is like a country club.
snell snail Champion Author Atlanta Posts:5,038 Points:2,601,125 Joined:Feb 2004	Message Posted: Jul 18, 2012 12:40:17 PM Ignore snell snail Report Abuse ....thank you gasbuddy............
beachmanglen All-Star Author Tampa Posts:679 Points:498,600 Joined:Aug 2011	Message Posted: Jul 18, 2012 12:38:50 PM Ignore beachmanglen Report Abuse Can't happen, too many players in the market.
manbig13 Champion Author Cleveland Posts:1,431 Points:557,475 Joined:May 2011	Message Posted: Jul 18, 2012 12:38:24 PM Ignore manbig13 Report Abuse just as bad as the housing bubble
CocoPaz Champion Author Santa Barbara Posts:2,390 Points:326,320 Joined:Jun 2012	Message Posted: Jul 18, 2012 12:34:59 PM Ignore CocoPaz Report Abuse "to see whether oil prices have also been falsely pushed up...". So, this could never happen in the US, right? Right...?