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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.



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Submitted Jul 17, 2012 By: PD
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REPLIES (newest first) Post a Reply
stonecold5005
All-Star Author Waco

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Message Posted: Aug 17, 2012 12:49:34 PM

ok
txrojo2005
Champion Author Austin

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Message Posted: Aug 17, 2012 12:14:56 PM

If rigged, what else is rigged?
gasokie
Champion Author Oklahoma

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Message Posted: Aug 13, 2012 12:54:04 PM

Ah! Paranoia rules in England too?
pfone1847
Champion Author Illinois

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Message Posted: Aug 13, 2012 4:23:41 AM

Rigged huh? Imangine that.
timbit0
Rookie Author Ontario

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Message Posted: Aug 12, 2012 9:24:52 PM

ok.
Reishman
Veteran Author Illinois

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Message Posted: Jul 24, 2012 10:03:49 PM

Space is vast.
gasokie
Champion Author Oklahoma

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Message Posted: Jul 24, 2012 7:03:01 PM

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
Champion Author Austin

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Message Posted: Jul 23, 2012 11:52:03 AM

I do not believe any government reports. Besides they will be revised when you are not looking.
albert2008
Champion Author Winnipeg

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Message Posted: Jul 23, 2012 11:01:47 AM

more then likely
GGAlbo
Champion Author Detroit

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Message Posted: Jul 23, 2012 10:05:00 AM

Yes!
GasPriceHelp4u
Champion Author Dayton

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Message Posted: Jul 23, 2012 7:09:41 AM

I remember $0.79
Reishman
Veteran Author Illinois

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Message Posted: Jul 21, 2012 6:28:23 PM

I'm on a boat!
stonecold5005
All-Star Author Waco

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Message Posted: Jul 21, 2012 7:34:41 AM

hmmmmm
honda0105
Champion Author Tallahassee

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Message Posted: Jul 20, 2012 5:56:55 AM

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

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Message Posted: Jul 20, 2012 1:42:33 AM

Darn those Socialists -- they want an even playing field.
Gerardtd
Veteran Author Toronto

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Message Posted: Jul 20, 2012 1:11:32 AM

This has been going on for decades already.
gasbuddy111
Rookie Author San Diego

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Message Posted: Jul 19, 2012 10:39:49 PM

Next question: If there are 100 capitalists in a room with 99 chairs, what happens to the chairs?
gasbuddy111
Rookie Author San Diego

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Message Posted: Jul 19, 2012 10:06:11 PM

Question: If there are 100 socialists in a room with 99 chairs, what happens to the chairs?
gasokie
Champion Author Oklahoma

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Message Posted: Jul 19, 2012 1:39:03 PM

Sounds like some more socialist paranoia to me.
redbeard47229
Champion Author Indiana

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Message Posted: Jul 19, 2012 11:23:25 AM

the gov is probably doing the rigging
rogerparry
Champion Author Florida

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Message Posted: Jul 19, 2012 6:25:04 AM

When will this end?
rogerparry
Champion Author Florida

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Message Posted: Jul 19, 2012 6:20:01 AM

Stop the speculators.
honda0105
Champion Author Tallahassee

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Message Posted: Jul 19, 2012 6:00:40 AM

Pig Oil + Pig Banks = Pig Money. Cartells are alive and well.
honda0105
Champion Author Tallahassee

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Message Posted: Jul 19, 2012 5:59:52 AM

that's what some of use said for a long time...
KAR120CSII
Champion Author Oregon

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Message Posted: Jul 18, 2012 11:19:47 PM

Tell me it ain't so.
IrishCowboy
Champion Author Fort Wayne

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Message Posted: Jul 18, 2012 6:45:06 PM

Ya think?
txrojo2005
Champion Author Austin

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Message Posted: Jul 18, 2012 5:25:49 PM

This would affect more that oil prices.
zaq001
Champion Author Atlanta

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Message Posted: Jul 18, 2012 4:52:43 PM

Hmmmm...probably by OPEC nations.
bell05
Champion Author Atlanta

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Message Posted: Jul 18, 2012 4:12:37 PM

old news.
rockymountman
Champion Author Roanoke

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Message Posted: Jul 18, 2012 3:26:25 PM

whatever
andy1024
Champion Author Allentown

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Message Posted: Jul 18, 2012 2:55:12 PM

Quite possibly.
thirty8paces
Champion Author Baltimore

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Message Posted: Jul 18, 2012 1:55:17 PM

Unbelievable! How dare they!
idigau22
Champion Author Washington

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Message Posted: Jul 18, 2012 1:52:47 PM

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

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Message Posted: Jul 18, 2012 1:51:31 PM


This is posted as a question? Give me a break.
firechief
Champion Author New York

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Message Posted: Jul 18, 2012 1:51:14 PM

Yes grasshoper they were, and always are
PathTrack
Champion Author Twin Cities

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Message Posted: Jul 18, 2012 1:50:26 PM

Does a bear sh** in the woods?
GasRedliningSuk
Champion Author Michigan

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Message Posted: Jul 18, 2012 1:50:17 PM

Duh!
tutaw
Champion Author Kentucky

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Message Posted: Jul 18, 2012 1:49:51 PM

yes
BurtB
Champion Author Los Angeles

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Message Posted: Jul 18, 2012 1:49:06 PM

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

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Message Posted: Jul 18, 2012 1:47:45 PM

I'm going to have to say..aaah...YES!
repeater1
Champion Author Topeka

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Message Posted: Jul 18, 2012 1:46:30 PM

It doesn't take an Einstein to answer that question.
JimL1
Champion Author Phoenix

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Message Posted: Jul 18, 2012 1:44:08 PM

Of course prices are rigged. DUH!!!!!!
Donliberty
Champion Author New York

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Message Posted: Jul 18, 2012 1:43:49 PM

ok
Mikey15
Rookie Author Dayton

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Message Posted: Jul 18, 2012 1:43:11 PM

I thought all people involved in trading were honest ...
JXQW
Champion Author Kansas City

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Message Posted: Jul 18, 2012 1:41:06 PM

I would say probably ...
greenfog
Champion Author Illinois

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Message Posted: Jul 18, 2012 1:40:21 PM

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

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Message Posted: Jul 18, 2012 1:40:17 PM

....thank you gasbuddy............
beachmanglen
Champion Author Tampa

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Message Posted: Jul 18, 2012 1:38:50 PM

Can't happen, too many players in the market.
manbig13
Champion Author Cleveland

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Message Posted: Jul 18, 2012 1:38:24 PM

just as bad as the housing bubble
CocoPaz
Champion Author Santa Barbara

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Message Posted: Jul 18, 2012 1:34:59 PM

"to see whether oil prices have also been falsely pushed up...". So, this could never happen in the US, right? Right...?
bullseye100
Champion Author New Jersey

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Message Posted: Jul 18, 2012 1:33:26 PM

toxigas, Nope - not surprised at all.
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