• 3 minutes China's aggression is changing the nature of sovereignty.
  • 8 minutes Will Variants and Ill-Health Continue to Plague Economic Outlooks?
  • 9 minutes US oil facts
  • 9 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 15 mins Europe gas market -how it started how its going
  • 50 mins Amazing!...see article: "Turkmenistan To Close "Gates Of Hell" Gas Fire" by Irina Slav
  • 4 hours German Lawyer Sues The World Over Coronavirus
  • 3 days Russia oil production live month after month starting from November 2021 - official stats from Rosstat agency
  • 3 days Is $100 Crude Bad For US Shale? That's what Oil CEOs Say
  • 1 day Ukrainian Maidan after 8 years
  • 3 days Nuclear power in Russia

Breaking News:

Libya Oil Production Rebounds

Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Premium Content

BP, Shell, Statoil, Platts Raided for Price-Fixing

The European Union Commission has raided the offices of Royal Dutch Shell, Statoil and Platts over energy price-fixing concerns in an investigation that could take years to conclude.

Britain’s BP, Norway’s Statoil and Shell, which is listed in London and Amsterdam, were raided on suspicion that the oil and gas giants have attempted to manipulate energy prices by colluding to report distorted prices and to prevent other companies from submitting their prices that were not in line with this alleged collusion.

BP, Statoil and Shell submit their prices to Platts Market on Close (MOC), which then publishes the final trading prices.

At issue are prices for crude oil, biofuels and refined oil products, including gasoline, heating oil and petrochemicals.

Related article: EU Raids BP and Shell Over Price-Fixing Concerns

This news led to the obvious question among consumers watching the raids and ensuing investigation closely: Has this potential price-fixing affected prices at the gas pumps? According to the EU Commission: Yes, because any small distortion affects what end consumers pay. But this goes beyond gas at the pump. Price-fixing can also inflate prices for everything from products that use gas derivatives, like cosmetics, to airline tickets.

All said and done, analysts estimate that price-fixing could have increased the average consumer’s household fuel bill by over £2,000 over the past decade. 

How is the market responding to the raid? On Thursday, the London-listed oil giants were down, but not out. Shell suffered a 55p slide to 2,300.5p, while BP dipped 0.95p to 467.6p.

In London, British Prime Minister David Cameron said oil executives found guilty of price-fixing could be prosecuted under the Financial Services 2012 Act, which came into force last month.

By. Charles Kennedy of Oilprice.com


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News