Oil-price manipulation may have wrought “huge” damage to consumers, the European Union’s antitrust chief said today, as he drew comparisons with EU investigations into rigging of bank rates including Libor.
EU Competition Commissioner Joaquin Almunia said, “If de facto the manipulation is confirmed, indeed, huge damages for consumers and users would have been originated by this.” Photographer: Andrew Harrer/Bloomberg
By Stephanie Bodoni May 28, 2013
Oil-price manipulation may have wrought “huge” damage to consumers, the European Union’s antitrust chief said today, as he drew comparisons with EU investigations into rigging of bank rates including Libor.
While it’s too soon to draw conclusions from the May 14 raids on Royal Dutch Shell Plc (RDSA), BP Plc (BP/), Statoil ASA (STL) and Platts, EU Competition Commissioner Joaquin Almunia said both sets of probe target price manipulation through a reporting system.
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