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BP Accused of Crude Oil Price Manipulation

Seeking Alpha -- Nationally the average price for regular unleaded gasoline is $2.658, down about 3 cents per gallon from a week ago. Montana's gasoline prices have leveled off at $2.72 with California staying high at $3.01 per gallon. Hawaii gets the prize for the highest cost for gasoline at $3.09 per gallon in the AAA fuelgauge.report. The gasoline spot market price meanwhile has dropped by 20 cents per gallon in the last two weeks but retail pump prices have not reacted in kind and are not expected to drop much more before the end of next week.

Pump prices have barely budged with the spot market gasoline and diesel prices going down another 2-3 cents per gallon at the end of this week. The August WTI crude oil price decreased $1.07 to just above $69.16 a barrel on Friday

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Submitted Jul 03, 2009 By: LetemEatCake

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Blue48 Champion Author Illinois Posts:2,655 Points:674,470 Joined:Feb 2007	Message Posted: Jul 4, 2009 4:31:46 PM Ignore Blue48 Report Abuse IT HAPPENS ALL THE TIME...BOTH WITH BIG OIL COMPANIES & LOCAL GAS STATIONS
JOHNNY95206 Champion Author Stockton Posts:2,029 Points:212,455 Joined:May 2008	Message Posted: Jul 4, 2009 3:54:21 PM Ignore JOHNNY95206 Report Abuse Go State Attorney General Drew Edmondson.
ICUUCME Sophomore Author Ohio Posts:219 Points:1,152,205 Joined:Sep 2005	Message Posted: Jul 4, 2009 10:20:38 AM Ignore ICUUCME Report Abuse Never would have thought this really happens.
Tenshot All-Star Author Quad Cities Posts:610 Points:973,700 Joined:May 2005	Message Posted: Jul 4, 2009 3:19:42 AM Ignore Tenshot Report Abuse Who woulda thought
MPGKing All-Star Author New Jersey Posts:874 Points:227,570 Joined:Mar 2009	Message Posted: Jul 4, 2009 2:23:52 AM Ignore MPGKing Report Abuse They're all guilty of price manipulation.
250FORD Champion Author Minnesota Posts:7,696 Points:1,239,135 Joined:Feb 2007	Message Posted: Jul 4, 2009 12:06:37 AM Ignore 250FORD Report Abuse They finally figured this out?
ddaz46 Veteran Author Akron Posts:266 Points:92,190 Joined:Jun 2009	Message Posted: Jul 3, 2009 11:25:20 PM Ignore ddaz46 Report Abuse Maybe the Goverment needs to run the oil companies instead of a failing car company
WIPACKERFAN Champion Author Chicago Posts:3,957 Points:881,740 Joined:Aug 2005	Message Posted: Jul 3, 2009 11:08:39 PM Ignore WIPACKERFAN Report Abuse I'm sure that this goes well beyond BP.
THEDodgeman Champion Author Denver Posts:3,083 Points:975,140 Joined:Apr 2005	Message Posted: Jul 3, 2009 10:59:44 PM Ignore THEDodgeman Report Abuse All this HONESTY KILLS ME.
mreMN Veteran Author Twin Cities Posts:398 Points:173,455 Joined:Oct 2008	Message Posted: Jul 3, 2009 10:58:31 PM Ignore mreMN Report Abuse Well blow me over. I didn't know oil companies do that.
nedthenanite Champion Author Mississippi Posts:4,071 Points:786,260 Joined:May 2008	Message Posted: Jul 3, 2009 10:56:54 PM Ignore nedthenanite Report Abuse It wouldn't surprise me in the least if this wasn't going on, on an even bigger scale. Or it could all be on the up-and-up. Who really knows?
Wizrd03 Champion Author Illinois Posts:3,233 Points:663,480 Joined:Oct 2008	Message Posted: Jul 3, 2009 10:56:23 PM Ignore Wizrd03 Report Abuse Say it ain't so....
korklenut All-Star Author Tacoma Posts:755 Points:153,655 Joined:Mar 2009	Message Posted: Jul 3, 2009 10:55:12 PM Ignore korklenut Report Abuse Now lets see. If BP will donate big bucks for his governor run; he will drop the suit. We all know that the price of fuel has been manipulated by the oil traders. Could it be that the oil companies are the traders?:)
toyota1999 Champion Author Louisville Posts:5,123 Points:1,068,100 Joined:May 2007	Message Posted: Jul 3, 2009 10:51:05 PM Ignore toyota1999 Report Abuse Obama doesn't care. He wants gas prices high so people will buy small cars and get rid of big cars and trucks and especially suvs.
zeddieiv Champion Author Columbia Posts:3,578 Points:1,068,570 Joined:Oct 2006	Message Posted: Jul 3, 2009 10:41:38 PM Ignore zeddieiv Report Abuse I agree with rjoeh.
Ken2OD Champion Author Grand Rapids Posts:4,108 Points:1,001,460 Joined:Dec 2005	Message Posted: Jul 3, 2009 10:40:35 PM Ignore Ken2OD Report Abuse Big Oil manipulating? How could they ever stoop this low. Oh, excuse me, I forgot about GREED and SPECULATION.
FastAndy Champion Author Indianapolis Posts:4,216 Points:1,117,920 Joined:Jun 2007	Message Posted: Jul 3, 2009 10:40:27 PM Ignore FastAndy Report Abuse What do you expect? They are not going to lower gas prices until after the 4th of July weekend. As a matter of fact our gas prices went up 20 cents just this past Wednesday.
LetemEatCake Champion Author Oklahoma City Posts:2,800 Points:439,420 Joined:Mar 2008	Message Posted: Jul 3, 2009 10:39:40 PM Ignore LetemEatCake Report Abuse It is going to be extremely interesting the coming months (probably years) whether this case against BP/Arco goes to court and what the outcome might be for the consumer. Certainly a win for the state of OK would have far-reaching effects across the nation.
rjoeh Champion Author Michigan Posts:3,810 Points:1,586,765 Joined:Jun 2004	Message Posted: Jul 3, 2009 10:38:26 PM Ignore rjoeh Report Abuse First... any oil company has to earn my respect and faith by offering product at realistic prices that are fair to all consumers.
kingpin6 Champion Author Arkansas Posts:1,620 Points:737,625 Joined:Jul 2007	Message Posted: Jul 3, 2009 10:36:16 PM Ignore kingpin6 Report Abuse No, that couldn't happen. Oil companies are so honest and have our best interests at heart. Or maybe not!
OKRifle Champion Author Oklahoma City Posts:4,891 Points:851,995 Joined:Oct 2007	Message Posted: Jul 3, 2009 10:35:07 PM Ignore OKRifle Report Abuse Awwww......say it ain't so!
jimshell Champion Author Pennsylvania Posts:1,843 Points:467,180 Joined:Sep 2004	Message Posted: Jul 3, 2009 10:34:46 PM Ignore jimshell Report Abuse Don't they all!
mplato Champion Author Columbia Posts:4,236 Points:1,015,685 Joined:Jun 2004	Message Posted: Jul 3, 2009 10:31:34 PM Ignore mplato Report Abuse what else is new? profits over everything else
greatscot08 All-Star Author Columbus Posts:944 Points:187,460 Joined:Jun 2008	Message Posted: Jul 3, 2009 10:29:56 PM Ignore greatscot08 Report Abuse NO!!!!! I'M SHOCKED!!!!!! PRICE MANIPULATION BY AN OIL COMPANY????.....IS NOTHING SACRED ANYMORE??????
akeatts Champion Author Tennessee Posts:1,343 Points:271,000 Joined:Aug 2008	Message Posted: Jul 3, 2009 10:21:45 PM Ignore akeatts Report Abuse Conserve!
clement007 Champion Author Cleveland Posts:2,146 Points:881,275 Joined:Apr 2005	Message Posted: Jul 3, 2009 10:20:04 PM Ignore clement007 Report Abuse Just another AG trying to make a name for himself.
bigreddwg Champion Author Tampa Posts:4,417 Points:910,610 Joined:Nov 2005	Message Posted: Jul 3, 2009 10:19:26 PM Ignore bigreddwg Report Abuse Da BP is/was one of the few oil companies i trusted and now that trust is lost if this article is true!! however, i guess i should never trust any of them the way they are being greedy in this terrible economy. it is so strange that the economy had started to perk up around january when gas prices were still under $2.00, only to be crushed by the rapid rise in those critical prices - SHAME ON THEM ALL!!! SHOW THEM WHO IS BOSS, KEEP CONSERVING!!! [Edited by: bigreddwg at 7/3/2009 11:20:28 PM EST]**
realtorick Champion Author Indiana Posts:6,316 Points:568,280 Joined:May 2008	Message Posted: Jul 3, 2009 10:17:08 PM Ignore realtorick Report Abuse Say it aint so! Price manipulation? Maybe the other companies should be looked at also. I'm sure they all cook the books to make it look good! [Edited by: realtorick at 7/3/2009 11:17:48 PM EST]
phurburger Champion Author Atlanta Posts:2,555 Points:530,670 Joined:Oct 2005	Message Posted: Jul 3, 2009 10:14:52 PM Ignore phurburger Report Abuse Yeah, BP can't do it alone.
NHLiveFree Champion Author New Hampshire Posts:4,021 Points:672,285 Joined:Jun 2008	Message Posted: Jul 3, 2009 10:12:30 PM Ignore NHLiveFree Report Abuse Accused??? Why only BP? Don't they have all the friendly green, sunny, and cute TV commorcials? How could they deceive us?
alterman156 Champion Author New York Posts:2,510 Points:585,825 Joined:Dec 2008	Message Posted: Jul 3, 2009 10:05:00 PM Ignore alterman156 Report Abuse There is a BP station in my general area. I don't buy gas from them since they're usually expensive.
mike911 Champion Author Detroit Posts:3,919 Points:1,212,440 Joined:Jan 2007	Message Posted: Jul 3, 2009 10:01:37 PM Ignore mike911 Report Abuse They are holding all the aces!
IcemanLV Rookie Author Las Vegas Posts:8 Points:87,970 Joined:Mar 2008	Message Posted: Jul 3, 2009 10:00:47 PM Ignore IcemanLV Report Abuse This won't be the first time the oil compamies go away with price gouhon!
remay Champion Author Houston Posts:2,247 Points:1,159,640 Joined:May 2006	Message Posted: Jul 3, 2009 9:59:11 PM Ignore remay Report Abuse who's next?
JohnJ55 Champion Author Dayton Posts:2,053 Points:966,845 Joined:Jul 2007	Message Posted: Jul 3, 2009 9:59:03 PM Ignore JohnJ55 Report Abuse up 25 cents here thursday, but that is required by law, something like "the holiday price gouging act". should go back down again next week, i hope
kruk Champion Author London Posts:2,843 Points:332,715 Joined:Jan 2007	Message Posted: Jul 3, 2009 9:56:37 PM Ignore kruk Report Abuse do not complain - future trading is american creation - you raised scumbags just to rip you off - why don;t you like it - people like Bernie Madoff did not drop from the sky - they are american sociates dream - they may be wearing small hats but they claim to be american leaders
hybridaholic Champion Author Wisconsin Posts:3,358 Points:595,835 Joined:Dec 2008	Message Posted: Jul 3, 2009 9:54:42 PM Ignore hybridaholic Report Abuse Tell us something we didn't already know
hibsaw Champion Author Mississippi Posts:3,123 Points:718,050 Joined:Feb 2008	Message Posted: Jul 3, 2009 9:53:27 PM Ignore hibsaw Report Abuse Go get em Drew.
ThatHunt Champion Author Dallas Posts:2,625 Points:1,229,630 Joined:Jul 2006	Message Posted: Jul 3, 2009 9:49:27 PM Ignore ThatHunt Report Abuse Price fixing by BP. Hmm, how unusual.
souther_pride Sophomore Author Arkansas Posts:114 Points:396,980 Joined:Aug 2005	Message Posted: Jul 3, 2009 9:48:53 PM Ignore souther_pride Report Abuse its not just bp its all oil and gsa companys oil goes up one dollar a barrel and gas goes uo 59 cents but when oil goes dowm one dollar gas dont go dowm at all when are being screwed
Bagtag All-Star Author Georgia Posts:931 Points:970,625 Joined:May 2006	Message Posted: Jul 3, 2009 9:46:47 PM Ignore Bagtag Report Abuse Prices still over-inflated here in ATL!
Romey08 Champion Author Virginia Posts:1,954 Points:573,275 Joined:Apr 2008	Message Posted: Jul 3, 2009 9:45:56 PM Ignore Romey08 Report Abuse They are all in collusion of price fixing
eagleeye2008 Champion Author Wisconsin Posts:4,028 Points:764,165 Joined:Jul 2008	Message Posted: Jul 3, 2009 9:43:04 PM Ignore eagleeye2008 Report Abuse SHAME,SHAME,SHAME,,,I JUST CUT UP MY "B.P.CREDIT CARD",SO THERE YOU GO BIG BOYS !!!!!! IF A QUARTER MILLION OTHERS DID THE SAME,ME THINKS THEY WOULD GET THE MESSAGE CLEARLY !!!!!
sillywagon Champion Author New York Posts:5,267 Points:530,520 Joined:Oct 2008	Message Posted: Jul 3, 2009 9:38:16 PM Ignore sillywagon Report Abuse If they can prove it... then BP should be fined high enough to make them not want to do it again, and somehow the fine given back to the consumers affected. Usually these price gouging cases turn out to be nothing, just a politician grandstanding in front of television cameras.
TomT2Lee Champion Author Cincinnati Posts:3,470 Points:1,091,790 Joined:Sep 2005	Message Posted: Jul 3, 2009 9:36:23 PM Ignore TomT2Lee Report Abuse My that is funny. Bernanke and Greenspan of the Federal Reserve have destroyed the US dollar with unequaled criminal policies. Obama has loaded the US with debt that will destroy the US. So get mad as hell at some real crooks instead letting the reporters whip you into a rage at big oil.
roadrunnerMO Champion Author Kansas Posts:3,451 Points:737,295 Joined:Jul 2008	Message Posted: Jul 3, 2009 9:34:56 PM Ignore roadrunnerMO Report Abuse We do not have many of them around this part of the country. Located more up toward northern parts of Kansas. Why should this suprise anyone? Price manipulation is the name of the game along with speculation. That is illegal for anyone except Congress who are exempt from speculation.
JayMac08 Champion Author Jackson Posts:3,386 Points:205,430 Joined:Oct 2008	Message Posted: Jul 3, 2009 9:28:23 PM Ignore JayMac08 Report Abuse Doesn't surprise me.
TopGunn Champion Author Baltimore Posts:4,264 Points:1,644,635 Joined:Aug 2004	Message Posted: Jul 3, 2009 9:26:38 PM Ignore TopGunn Report Abuse BP was the highest in this area, today is the lowest at $2.45.
lightbulbman2008 Champion Author Worcester Posts:43,251 Points:650,410 Joined:Oct 2008	Message Posted: Jul 3, 2009 9:23:54 PM Ignore lightbulbman2008 Report Abuse we have no B.P. STATIONS AROUND HERE!!
stevencr All-Star Author Ohio Posts:757 Points:463,280 Joined:Mar 2009	Message Posted: Jul 3, 2009 9:13:03 PM Ignore stevencr Report Abuse What's worse, big oil companies or politicians with high asperations?