European Union regulators aim to finish their antitrust probe into alleged manipulation of oil prices by companies from BP Plc (BP/) to Royal Dutch Shell Plc (RDSA) “as quickly as possible,†the bloc’s antitrust chief said.
By Stephanie Bodoni: August 06, 2013
European Union regulators aim to finish their antitrust probe into alleged manipulation of oil prices by companies from BP Plc (BP/) to Royal Dutch Shell Plc (RDSA) “as quickly as possible,†the bloc’s antitrust chief said.
The length of the investigation “depends on a number of factors, including the complexity of the case, the extent to which the undertakings concerned cooperate with the commission and the exercise of the rights of defense,†EU Competition Commissioner Joaquin Almunia said in a written response to a European Parliament lawmaker.
Antitrust authorities raided the offices of price publisher Platts, Statoil ASA (STL), BP, Shell and Argos Energies in May to gather evidence of possible collusion, according to the companies. Regulatory probes are expanding after banks rigged the London interbank offered rate, a benchmark for $300 trillion of global interest-rate contracts.
The EU probe into the markets for crude oil, refined oil products and biofuels is “at an early stage,†Almunia said in the same document dated July 23 and published on the bloc’s website today.
The Brussels-based EU regulator is “currently analyzing the information gathered from the undertakings concerned, which includes the companies that were subject to the commission’s unannounced inspections and numerous companies that were addressees of requests for information,†Almunia said. “It is therefore too early to draw conclusions about the findings of the investigation.â€
Traders including Glencore Xstrata Plc (GLEN), Vitol Group and Gunvor Group Ltd. in May were asked to give information to the EU, though they aren’t being investigated, according to three people familiar with the situation.
“The present investigation is a concrete step taken at EU level which could contribute to tackling the causes of high fuel prices in the EU,†Almunia said.
Almunia has said the suspected oil-price manipulation may have caused “huge†damage for consumers.
To contact the reporter on this story: Stephanie Bodoni in Luxembourg at [email protected]
To contact the editor responsible for this story: Anthony Aarons at [email protected]
Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
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A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
