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Author	Topic: Oil Could Be The Focus Of The Next Manipulation Scandal	Post a Reply Back to Topics

acknot Champion Author Seattle Posts:1,628 Points:873,445 Joined:Sep 2003	Message Posted: Jul 22, 2012 11:44:56 AM Ignore acknot Report Abuse Now that the Libor manipulation scandal has been revealed, it looks likeoil pricescould be the focus of the next search for misreporting.According to the International Organization of Securities Commissions (IOSCO), the current system of oil price reporting is “susceptible to manipulation or distortion.” Comparisons to Libor manipulation have been made because oil prices, such as Brent, serve as a benchmark for trillions of dollars of securities and contracts. There is the potential for market participants to manipulate oil price assessments published by price-reporting agencies (PRA) through the submission of false information and selective reporting of deals. Visit Business Insider for full article

acknot

Champion Author
Seattle

Posts:1,628
Points:873,445
Joined:Sep 2003

Message Posted: Jul 22, 2012 11:44:56 AM

Ignore acknot Report Abuse

Now that the Libor manipulation scandal has been revealed, it looks likeoil pricescould be the focus of the next search for misreporting.According to the International Organization of Securities Commissions (IOSCO), the current system of oil price reporting is “susceptible to manipulation or distortion.”
Comparisons to Libor manipulation have been made because oil prices, such as Brent, serve as a benchmark for trillions of dollars of securities and contracts.

There is the potential for market participants to manipulate oil price assessments published by price-reporting agencies (PRA) through the submission of false information and selective reporting of deals.

Visit Business Insider for full article

REPLIES (newest first)Ignore Short Messages

LanguageMan1 Champion Author Tampa Posts:11,702 Points:1,657,790 Joined:Apr 2008	Message Posted: Jul 23, 2012 11:55:56 PM Ignore LanguageMan1 Report Abuse Oil, commodities and the markets, they've all been MANIPULATED as I've said before, and the governments allow it along with our own.
NedW Champion Author Indianapolis Posts:5,594 Points:1,138,245 Joined:Mar 2008	Message Posted: Jul 23, 2012 11:53:13 PM Ignore NedW Report Abuse Corruption is everywhere.
heydano67 Champion Author California Posts:1,646 Points:353,535 Joined:Feb 2012	Message Posted: Jul 23, 2012 12:59:21 AM Ignore heydano67 Report Abuse Isn't that what OPEC is all about?
gaswatchON Veteran Author Ontario Posts:463 Points:118,405 Joined:May 2012	Message Posted: Jul 23, 2012 12:03:53 AM Ignore gaswatchON Report Abuse Oil Price Manipulation Searches have proved very little before
WalRus49 Champion Author Boston Posts:4,055 Points:864,865 Joined:Nov 2010	Message Posted: Jul 22, 2012 11:49:53 PM Ignore WalRus49 Report Abuse More organized mayhem and pillage............
danny999 Champion Author Florida Posts:8,703 Points:1,635,060 Joined:Oct 2008	Message Posted: Jul 22, 2012 11:27:43 PM Ignore danny999 Report Abuse When the Pacific freezes over......
anascom Champion Author Hamilton Posts:1,593 Points:553,015 Joined:Feb 2011	Message Posted: Jul 22, 2012 11:13:29 PM Ignore anascom Report Abuse ok
PDQBlues Champion Author San Diego Posts:7,052 Points:1,444,285 Joined:Jan 2009	Message Posted: Jul 22, 2012 10:30:28 PM Ignore PDQBlues Report Abuse It would be about time! These prices are too easily manipulated.
brbaritone Champion Author Virginia Posts:2,058 Points:1,693,510 Joined:Jan 2007	Message Posted: Jul 22, 2012 9:39:29 PM Ignore brbaritone Report Abuse The whole oil system is rife with manipulation! It's a great deal more than 'susceptible.' Fully 40% of the price of oil is speculation and manipulation.
tnfran Champion Author Arizona Posts:4,358 Points:838,190 Joined:Dec 2010	Message Posted: Jul 22, 2012 6:21:49 PM Ignore tnfran Report Abuse Well....hope they find the culprit.
dh0770 Champion Author Colorado Posts:6,978 Points:671,485 Joined:Jun 2011	Message Posted: Jul 22, 2012 6:12:29 PM Ignore dh0770 Report Abuse and that surprises who?
BIGOILEATURCRUD Champion Author North Carolina Posts:5,740 Points:1,374,500 Joined:Nov 2008	Message Posted: Jul 22, 2012 5:44:11 PM Ignore BIGOILEATURCRUD Report Abuse :)
lonewolf_947 Champion Author New Hampshire Posts:1,262 Points:571,885 Joined:Mar 2011	Message Posted: Jul 22, 2012 5:29:09 PM Ignore lonewolf_947 Report Abuse You can probably count on it..........
Meowmy Champion Author Florida Posts:1,293 Points:347,255 Joined:Jan 2011	Message Posted: Jul 22, 2012 5:26:55 PM Ignore Meowmy Report Abuse Not surprised.
csblesson Champion Author Texas Posts:1,796 Points:349,125 Joined:May 2012	Message Posted: Jul 22, 2012 5:13:50 PM Ignore csblesson Report Abuse Ok
bwatchingu Champion Author Arkansas Posts:1,725 Points:596,745 Joined:Jan 2009	Message Posted: Jul 22, 2012 4:04:54 PM Ignore bwatchingu Report Abuse interesting
RBob Champion Author Portland Posts:3,357 Points:2,344,010 Joined:May 2004	Message Posted: Jul 22, 2012 3:16:34 PM Ignore RBob Report Abuse I am sure they can find some substantial evidence if they really want to.
PathfinderSC Champion Author South Carolina Posts:9,496 Points:1,826,640 Joined:Mar 2008	Message Posted: Jul 22, 2012 3:06:56 PM Ignore PathfinderSC Report Abuse With oil today, Any thing can happen.
YumaFellow Champion Author Arizona Posts:1,265 Points:617,620 Joined:Jan 2011	Message Posted: Jul 22, 2012 2:48:00 PM Ignore YumaFellow Report Abuse It would have been nice if the full article had loaded, but the thrust of the article seems to underscore that many thought during the last run-up in prices--that hedge funds and other speculators had been having a field day at the expense of the rest of us.
walkingtall Champion Author Toronto Posts:3,974 Points:1,116,705 Joined:Nov 2004	Message Posted: Jul 22, 2012 2:47:47 PM Ignore walkingtall Report Abuse Oil could be the focus of the next manipulation scandal and already a scandal.
LEGION57 Champion Author South Carolina Posts:1,676 Points:283,110 Joined:Mar 2011	Message Posted: Jul 22, 2012 2:44:42 PM Ignore LEGION57 Report Abuse ahh
jbrad4 All-Star Author Dallas Posts:798 Points:472,135 Joined:Nov 2010	Message Posted: Jul 22, 2012 2:32:57 PM Ignore jbrad4 Report Abuse I hope they can put the fuel scalpers out of business.
TripleHs Champion Author Austin Posts:3,355 Points:915,140 Joined:Oct 2009	Message Posted: Jul 22, 2012 2:21:01 PM Ignore TripleHs Report Abuse already a scandal
bandannaman Champion Author New Jersey Posts:1,849 Points:365,610 Joined:Dec 2010	Message Posted: Jul 22, 2012 1:37:51 PM Ignore bandannaman Report Abuse Good one rich1430.
Rich1430 All-Star Author Indiana Posts:760 Points:254,170 Joined:Mar 2012	Message Posted: Jul 22, 2012 1:24:21 PM Ignore Rich1430 Report Abuse After June 29, 2012 when when the Market closed out the second quarter with oil prices rising $6 per barrel so the traders could cover their profit margins what else can you call it but market manipulation.
wildddkattt80 Champion Author Phoenix Posts:2,143 Points:432,145 Joined:Jun 2011	Message Posted: Jul 22, 2012 1:15:27 PM Ignore wildddkattt80 Report Abuse K
mikaye Champion Author Cleveland Posts:3,809 Points:860,435 Joined:Jun 2010	Message Posted: Jul 22, 2012 12:58:03 PM Ignore mikaye Report Abuse next manipulation? they do it now
kishoreCA Champion Author Ventura Posts:3,089 Points:387,920 Joined:Mar 2012	Message Posted: Jul 22, 2012 12:56:29 PM Ignore kishoreCA Report Abuse sure.
humblepie Champion Author Toledo Posts:34,055 Points:2,367,370 Joined:Mar 2006	Message Posted: Jul 22, 2012 12:53:26 PM Ignore humblepie Report Abuse gas is $3.59 here this morning
bkplenge Champion Author Tallahassee Posts:1,614 Points:121,145 Joined:Sep 2005	Message Posted: Jul 22, 2012 12:47:28 PM Ignore bkplenge Report Abuse The biggest scandal: speculation!!
punkin222 Rookie Author Tampa Posts:36 Points:2,455 Joined:Jul 2012	Message Posted: Jul 22, 2012 12:33:42 PM Ignore punkin222 Report Abuse Another scandal...
buckets42 Champion Author New Jersey Posts:1,690 Points:329,550 Joined:Oct 2011	Message Posted: Jul 22, 2012 12:25:33 PM Ignore buckets42 Report Abuse "next"
humblepie Champion Author Toledo Posts:34,055 Points:2,367,370 Joined:Mar 2006	Message Posted: Jul 22, 2012 12:25:05 PM Ignore humblepie Report Abuse probably decide prices where kept artificially low
dgerst Champion Author South Carolina Posts:2,691 Points:551,800 Joined:Aug 2008	Message Posted: Jul 22, 2012 11:56:45 AM Ignore dgerst Report Abuse Transparency is very important. Once people understand all the details they will make the right decisions.