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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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stonecold5005 All-Star Author Waco Posts:817 Points:20,240 Joined:Mar 2012	Message Posted: Aug 17, 2012 12:49:34 PM Ignore stonecold5005 Report Abuse ok
txrojo2005 All-Star Author Austin Posts:767 Points:480,475 Joined:May 2011	Message Posted: Aug 17, 2012 12:14:56 PM Ignore txrojo2005 Report Abuse If rigged, what else is rigged?
gasokie Champion Author Oklahoma Posts:3,448 Points:1,326,225 Joined:May 2007	Message Posted: Aug 13, 2012 12:54:04 PM Ignore gasokie Report Abuse Ah! Paranoia rules in England too?
pfone1847 Champion Author Illinois Posts:3,191 Points:624,555 Joined:Oct 2010	Message Posted: Aug 13, 2012 4:23:41 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 9:24:52 PM Ignore timbit0 Report Abuse ok.
Reishman Veteran Author Illinois Posts:384 Points:517,365 Joined:Sep 2006	Message Posted: Jul 24, 2012 10:03:49 PM Ignore Reishman Report Abuse Space is vast.
gasokie Champion Author Oklahoma Posts:3,448 Points:1,326,225 Joined:May 2007	Message Posted: Jul 24, 2012 7:03:01 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:767 Points:480,475 Joined:May 2011	Message Posted: Jul 23, 2012 11:52:03 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:7,357 Points:1,481,985 Joined:Sep 2008	Message Posted: Jul 23, 2012 11:01:47 AM Ignore albert2008 Report Abuse more then likely
GGAlbo Champion Author Detroit Posts:2,248 Points:1,886,300 Joined:Sep 2006	Message Posted: Jul 23, 2012 10:05:00 AM Ignore GGAlbo Report Abuse Yes!
GasPriceHelp4u Champion Author Dayton Posts:2,692 Points:569,775 Joined:Jul 2008	Message Posted: Jul 23, 2012 7:09:41 AM Ignore GasPriceHelp4u Report Abuse I remember $0.79
Reishman Veteran Author Illinois Posts:384 Points:517,365 Joined:Sep 2006	Message Posted: Jul 21, 2012 6:28:23 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 7:34:41 AM Ignore stonecold5005 Report Abuse hmmmmm
honda0105 Champion Author Tallahassee Posts:18,632 Points:1,610,495 Joined:Nov 2008	Message Posted: Jul 20, 2012 5:56:55 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:3,182 Points:621,695 Joined:Apr 2010	Message Posted: Jul 20, 2012 1:42:33 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 1:11:32 AM Ignore Gerardtd Report Abuse This has been going on for decades already.
gasbuddy111 Rookie Author San Diego Posts:45 Points:24,705 Joined:Nov 2008	Message Posted: Jul 19, 2012 10:39:49 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:24,705 Joined:Nov 2008	Message Posted: Jul 19, 2012 10:06:11 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:3,448 Points:1,326,225 Joined:May 2007	Message Posted: Jul 19, 2012 1:39:03 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 11:23:25 AM Ignore redbeard47229 Report Abuse the gov is probably doing the rigging
rogerparry Champion Author Florida Posts:9,565 Points:1,917,405 Joined:Jan 2008	Message Posted: Jul 19, 2012 6:25:04 AM Ignore rogerparry Report Abuse When will this end?
rogerparry Champion Author Florida Posts:9,565 Points:1,917,405 Joined:Jan 2008	Message Posted: Jul 19, 2012 6:20:01 AM Ignore rogerparry Report Abuse Stop the speculators.
honda0105 Champion Author Tallahassee Posts:18,632 Points:1,610,495 Joined:Nov 2008	Message Posted: Jul 19, 2012 6:00:40 AM Ignore honda0105 Report Abuse Pig Oil + Pig Banks = Pig Money. Cartells are alive and well.
honda0105 Champion Author Tallahassee Posts:18,632 Points:1,610,495 Joined:Nov 2008	Message Posted: Jul 19, 2012 5:59:52 AM Ignore honda0105 Report Abuse that's what some of use said for a long time...
KAR120CSII Champion Author Oregon Posts:3,182 Points:621,695 Joined:Apr 2010	Message Posted: Jul 18, 2012 11:19:47 PM Ignore KAR120CSII Report Abuse Tell me it ain't so.
IrishCowboy Champion Author Fort Wayne Posts:1,432 Points:573,225 Joined:Jan 2011	Message Posted: Jul 18, 2012 6:45:06 PM Ignore IrishCowboy Report Abuse Ya think?
txrojo2005 All-Star Author Austin Posts:767 Points:480,475 Joined:May 2011	Message Posted: Jul 18, 2012 5:25:49 PM Ignore txrojo2005 Report Abuse This would affect more that oil prices.
zaq001 Champion Author Atlanta Posts:3,985 Points:1,474,050 Joined:Oct 2008	Message Posted: Jul 18, 2012 4:52:43 PM Ignore zaq001 Report Abuse Hmmmm...probably by OPEC nations.
bell05 Champion Author Atlanta Posts:9,260 Points:1,877,585 Joined:Jun 2005	Message Posted: Jul 18, 2012 4:12:37 PM Ignore bell05 Report Abuse old news.
rockymountman Champion Author Roanoke Posts:1,969 Points:403,610 Joined:Jul 2011	Message Posted: Jul 18, 2012 3:26:25 PM Ignore rockymountman Report Abuse whatever
andy1024 Champion Author Allentown Posts:1,702 Points:448,150 Joined:Dec 2011	Message Posted: Jul 18, 2012 2:55:12 PM Ignore andy1024 Report Abuse Quite possibly.
thirty8paces Champion Author Baltimore Posts:4,521 Points:1,107,105 Joined:Sep 2008	Message Posted: Jul 18, 2012 1:55:17 PM Ignore thirty8paces Report Abuse Unbelievable! How dare they!
idigau22 Champion Author Washington Posts:23,417 Points:3,202,960 Joined:Apr 2003	Message Posted: Jul 18, 2012 1:52:47 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:1,170 Points:288,045 Joined:Jul 2012	Message Posted: Jul 18, 2012 1:51:31 PM Ignore FortVancouver01 Report Abuse This is posted as a question? Give me a break.
firechief Champion Author New York Posts:3,446 Points:2,066,375 Joined:Mar 2004	Message Posted: Jul 18, 2012 1:51:14 PM Ignore firechief Report Abuse Yes grasshoper they were, and always are
PathTrack Champion Author Twin Cities Posts:1,203 Points:134,685 Joined:Jan 2005	Message Posted: Jul 18, 2012 1:50:26 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 1:50:17 PM Ignore GasRedliningSuk Report Abuse Duh!
tutaw Champion Author Kentucky Posts:3,600 Points:843,495 Joined:Sep 2008	Message Posted: Jul 18, 2012 1:49:51 PM Ignore tutaw Report Abuse yes
BurtB Champion Author Los Angeles Posts:5,182 Points:1,368,040 Joined:Jun 2006	Message Posted: Jul 18, 2012 1:49:06 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:4,098 Points:938,480 Joined:Sep 2008	Message Posted: Jul 18, 2012 1:47:45 PM Ignore gravityhurts Report Abuse I'm going to have to say..aaah...YES!
repeater1 Champion Author Topeka Posts:8,308 Points:2,366,795 Joined:Oct 2005	Message Posted: Jul 18, 2012 1:46:30 PM Ignore repeater1 Report Abuse It doesn't take an Einstein to answer that question.
JimL1 Champion Author Phoenix Posts:8,217 Points:1,242,270 Joined:Jul 2003	Message Posted: Jul 18, 2012 1:44:08 PM Ignore JimL1 Report Abuse Of course prices are rigged. DUH!!!!!!
Donliberty Champion Author New York Posts:1,673 Points:654,990 Joined:Apr 2011	Message Posted: Jul 18, 2012 1:43:49 PM Ignore Donliberty Report Abuse ok
Mikey15 Rookie Author Dayton Posts:94 Points:204,440 Joined:Apr 2007	Message Posted: Jul 18, 2012 1:43:11 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 1:41:06 PM Ignore JXQW Report Abuse I would say probably ...
greenfog Champion Author Illinois Posts:6,495 Points:1,639,995 Joined:Feb 2008	Message Posted: Jul 18, 2012 1:40:21 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:5,028 Points:2,598,300 Joined:Feb 2004	Message Posted: Jul 18, 2012 1:40:17 PM Ignore snell snail Report Abuse ....thank you gasbuddy............
beachmanglen All-Star Author Tampa Posts:679 Points:497,100 Joined:Aug 2011	Message Posted: Jul 18, 2012 1:38:50 PM Ignore beachmanglen Report Abuse Can't happen, too many players in the market.
manbig13 Champion Author Cleveland Posts:1,431 Points:556,725 Joined:May 2011	Message Posted: Jul 18, 2012 1:38:24 PM Ignore manbig13 Report Abuse just as bad as the housing bubble
CocoPaz Champion Author Santa Barbara Posts:2,380 Points:324,370 Joined:Jun 2012	Message Posted: Jul 18, 2012 1:34:59 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...?