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May 29, 2008
Feds Investigating Possible Price Manipulation of Oil
Since December, oil prices have increased 42% and at that same time, Federal regulators have been investigating the U.S. oil market with a focus on possible price manipulation, according to the Associated Press.
Details of the investigation have not been released, but the fact that they are even publicizing the investigation is considered an "unusual step." But to that, the feds say it is "because of today's unprecedented market conditions."
The current average price of a gallon of regular gas in Los Angeles is nearly $4.11 as of yesterday.
Related: Crime of the Times: Gas Siphoning
Photo by ccgd via Flickr
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It's about Fedding time.
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Price manipulation? No way. Why on Earth would oil companies do that to us? Don't they just have their customer's best interests in mind?
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$4.75 over on Pico near the 10 for 87.
UGH!
When (not "if") it is proved that the oil companies are screwing us, someone in the government better force the oil companies to give out free gas to make up for the fact that I just paid $60 to fill up my little PT Cruiser!
GRRRR!
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In Italy the Fascist government took control of the companies.
In America the Capitalist companies took control of the government.
The CEO’s of the oil companies pull in more money in one year than any of the working class will earn in a lifetime. I’m certain they grease the right wheels to divert attention, which will result in zero actions against them, and the price of crude will continue it’s climb to record heights every month.
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Market manipulation, or the fundamentals of supply and demand?
When the supply is relatively fixed, yet the demand increases, what happens?
Nevermind that most Californians, by their lifestyle choices, have been long oil...
But my mistake, the Constitution gaurantees cheap gasoline.
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Supply and Demand has nothing to do with it. Look at the historic trends in oil consumption over the past 20 years versus population growth. We never spent as much on gasoline or heating oil as in the past 2 years... Something is amiss indeed.