'Bankers hid oil at sea' claim

'Bankers hid oil at sea' claim

www.thesun.co.uk

Robert Halfon said banks including JP Morgan bid more than £95million for the oil — which had been released by Western governments specifically to bring down prices at the pump.

(visit the link for the full news article)

Well if this is true......whoa!!

It wouldn't surprise me if this were true despite being from The Sun.

£95 million of oil stored off shore until prices raised again, wonder what they sold it for?? £200m??
Petrol prices have continued to rise...its back at £1.38 a litre where i am. ($10.27 a gallon)

Im trying to find other sources

www.thesun.co.uk
(visit the link for the full news article)

Please, it's the government, they hide things all the time. You're really surprised ? How do you think Bankers hide their funds ? Other then Cayman Island and Switzerland accounts ? Oh Hallelujah, you are precious

Originally posted by Heartisblack
Please, it's the government, they hide things all the time. You're really surprised ? How do you think Bankers hide their funds ? Other then Cayman Island and Switzerland accounts ? Oh Hallelujah, you are precious

Read again....."i wouldnt be surprised"....so no....im not surprised

Im well aware of how our governments operate, this is about big banks buying up oil and hoarding it. They more than likely had the backing of the UK government as for every 1p added at the pumps the treasury can charge more fuel duty...and VAT.

Its beneficial for both the government, and the bankers.

reply to post by loves a conspiricy

haha the sun has good editors
anyway. this is a routine thing..
oil price and availability fluctuates to fit in with other economic occurrences. generally being more expensive when times are tuff to increase debt.

This is blog of a MP who made the claim
Rob Halfon's blog
You can find there only link to same Sun's article. Guy seem to care about prices of oil for common people

But also this.
You CAN drop democracy from a B-52 bomber...
Mmm, Libya's oil is very high grade, taaasty.

reply to post by loves a conspiricy


Sounds like fraud and manipulation to me... I would love to see these people charged...

Better yet I would like to see the people taking control of the oil issue.... the bank issue....... food issue...... education issue.......

Originally posted by loves a conspiricy

'Bankers hid oil at sea' claim

www.thesun.co.uk

Robert Halfon said banks including JP Morgan bid more than £95million for the oil — which had been released by Western governments specifically to bring down prices at the pump.

(visit the link for the full news article)

So in other words, bankers did us all a favor by reducing price volatility. If someone has the strategy to buy low and sell high, that is exactly what happens when you have a success. And, the result would be higher lows and lower highs. There is definitely some value to that service to an economy. So, at least for once the bankers did something valuable if that article is correct.

reply to post by seachange


the companies bought the oil released by the west, and held the oil in the ships off shore to drive prices back up.

This has been known for a while. Goldman Sachs is buying warehouses to stockpile commodities especially metals. This way they can mess with the supply and demand numbers and increase supply or decrease supply of strategic metals when ever they want. See this article

It would not surprise me if they are working out a lot of strategies to manipulate as many commodities as they can.

It just doesn't make sense. If bankers wanted to hoard oil and keep it offshore they certainly wouldn't be buying the oil in the USA. Plenty of other countries sell oil MUCH cheaper.

To believe this story you would have to believe banker elites are stupid and willing to spend four times as much on something then they could elsewhere. I don't buy it.. Elite bankers don't make bad investments..

It would make more sense for $100 million to be spent in another country and then brought to the US to be sold at 400% profit.

reply to post by libertytoall


When only a few companies control the gas supply in the US, and essentially collude on pricing (even though they claim they dont, yet here we are, with umpteen thousand gas stations woned by people who all use the same price?)...

Sure we may have 15k independant gas stations, but they all get their gas from 1 of a few companies.

Price manipulation is easy, and even easier to blame on world markets when in fact the price flux is from ,manipulation and not market reaction to supply and demand.

To drive the point home, OPEC, under US law would be under ivestigation for violating RICO and anti trust violations.

reply to post by Xcathdra


Yes is a monopoly, they get people to believe that is competition in the nation with so many gas stations but is not, they all get their supplies from the same sources, like you say.

The prices of oil in are manipulated by Commodity speculators (Exxon Valders tops the list), in the markets while people are misguided to believe that the middle east is the one pushing prices actually is US speculators driving the prices up and down for profits to those that pay them to do it, you can pretty much imagine who are those that pay for speculators to do their dirty work.

And to think that we even have The U.S. Commodity Futures Trading Commission to control this practices, but like anything in our nation they do not want to point fingers, because the money that is funneled under the table.

Because our dollar is backed by oil this weakens the dollar and add more to the trade deficit.

At the end it doesn't benefit us the consumer at all, while we pay the prices somebody else is reaping profits from all the corruption going on behind the prices of oil.

reply to post by loves a conspiricy


Take away the speculators and oil will drop to $35 a barrel.

If our leaders want to get the economy back on track they need to lower the cost of energy, and end the speculation.

reply to post by marg6043


Our dollar isnt backed by oil, and some countries are dropping the US dollar for bilateral trading.

Congress should be taken out back, tarred anbd feathered for failing to excersive oversight on these groups.

The American people should be popped in the nose for allowing it to happen by not taking an active participation in government at all levels. Only when we stop being lazy and apathetic and jsut rubberstamping candidates, will things change.

reply to post by Xcathdra


Oh, our dollars is very much alive and well right now, so well in fact that Germany wants the US (Federal Reserve) to bailout the Central banks in EUzone and a pace of 1 trillion dollars, yes the so call Global bailout been talk about in the EU will be backed by the fed with tax payers money.

And is not the first time that the fed has done it behind the US tax payer since 2008, so the dollar is still very much in demand as the Euro falls.

The fed can take our money and doesn't need the president or congress to do just that.

Remember the protest going on in Wall street today and supposedly globally is all about the "global bailout" among other things.

reply to post by Xcathdra


I understand and agree with you on that but what does BANKERS have to do with it? I can understand Bush Saudi manipulation and Corporate manipulation but bankers? What do bankers have to do with any of this?

reply to post by libertytoall


Because an Investment Bank exists to make money...

ie... they buy barrels of oil at $75 a barrel.... hold millions of barrels offshore in a tanker...withdraw that supply from the market... the price inevitably goes up.

Hey Ho sell at $95 dollars a barrel... You've made a whopping profit..

It's been going on for years.... Bin told Rusky's have been doing similar for ages

Just read/watch "Too Big To Fail"..... spot on IMHO that the real balance of power has been changing over the past decades from government to global financial mega-institutions.

UKL95 million worth of oil doesn't seem enough to send a shortage message to "the market" - it's about US$150 million?

Or about 1.5 million barrels - daily production is something like 55-50 million barrels - so this is about 3% of 1 day's production.

IMO if htey weer "hiding" it they were jsut waiting for a higher price - as all good salesmen should!

reply to post by loves a conspiricy


Hmm. Bust 'em.

S&F& Great catch!