Refining Community Logo

Update – Oil price Speculation – Holder expresses Mkt concerns/investigation

Home Forums Refining Community Refinery News Update – Oil price Speculation – Holder expresses Mkt concerns/investigation

This topic contains 1 reply, has 1 voice, and was last updated by  Charles Randall 11 years, 9 months ago.

  • Author
  • #2294

    basil parmesan


    Attorney General Holder expresses energy market concerns
    U.S. Attorney General Eric Holder addresses a White House forum on intellectual property theft and the 
    Reuters Tue Apr 26, 4:32 pm ET
    WASHINGTON Attorney General Eric Holder said on Tuesday that he saw some “disturbing” things in the energy markets, which support forming the task force unveiled last week to investigate possible fraud and manipulation.
    “There are at least a couple of things that are I think disturbing and I think we’ll look into those,” Holder told reporters when asked if he believed people were illegally manipulating the market. He declined to identify his concerns.
    “But again I don’t want go too far out there and say that that is the reason why we have seen these gas price rises, but there is I think a basis for us to announce the formation of the task force,” he said.
    [color=#ff0000 size=2]The Obama administration unveiled the task force working group as President Barack Obama tried to head off a political headache of soaring gasoline prices as his 2012 re-election bid begins.
    Holder said the administration will likely discuss the task force more next week. A Justice Department spokesman declined to elaborate. Previous administrations have set up task forces to investigate possible manipulation and fraud in the energy markets but have never brought any significant cases or charges.
    “Clearly gas prices rise and fall, there are market factors that are always I think a part of that,” Holder told reporters. “The question is whether or not it’s something beyond that and that’s why the task force was formed, to see if there are anything happening that’s inappropriate.”
    Separately, Holder shrugged off criticism about putting the Justice Department’s criminal division in the lead of the investigation into the BP Plc oil spill a year ago in the Gulf of Mexico instead of its environmental division.
    “The BP oil spill is first and foremost an environmental matter,” he said. “I’m confident we will take a full look at what happened there and that we will take the appropriate steps when it comes to making determinations as to who or what should be charged.”
    He said the recent flurry of reports and lawsuits between the companies over who was responsible for the spill would not have any impact on the investigation.

  • #5127

    Charles Randall

     I saw this Reuters/Argus version and couple others but its just liberal media making big deal about the Obama/Democrats going looking for cause – only good thing is this time they are at least focused on speculators as cause. Unfortunately they already left Saudi’s off hook & they just cut production by 800MBD in face rising prices & dropping US$ value – mostly just pissed & sending message about handling of Egypts Mubarak to Obama.  Course they were already at peak production they cannot keep up & so think their ability to make past impacts has long since gone due to their cash flow needs.
    Below is lead better version item/story link – which I liked and makes better version for you to key off – that US government goes at this almost every 4 years in spring time (pre election years) when prices go off scale but they already have Big oil as cause in gunsights, dismiss Wallstreet because they need contributors for campaigns & exempt Saudi’s cause they dont have courage to take down this cartel which is illegal for any other commodity except oil??
    Holder is idiot and is starting with price oil but isnt looking that hard at speculators buying 4X the oil on trading floor that all consumers take as physical barrels – its also why fundamentals on oil price havent really tracked oil /gas prices since 2005.
     It’s Spring, Which Means The Government Is Investigating High Gas …
    April 27, 2011 Rising gas prices, in turn, bring government investigations. These studies almost uniformly discover that amazingly the cause of price increases is an by the U.S. government pushes down the value of the American dollar. Of course, there is some manipulation of oil prices; it’s what …   See story

You must be logged in to reply to this topic.

Refining Community