hap, His was a legitimate point. Your surly, unwarranted sewer-rat reply ignores the fact that price manipulation by large corporation goes on all the time. Or is it that in your capitalist free market fantasy price manipulation is all part of the all ok game, too. I'm not saying this is a case of manipulation, just that it exists, and this case may have been on the mark.
You missed one. Republicans blocked the anti-price gouging bill in congress so that oil companies can continue to make record profits while americans pay record prices. They are making windfall profits but republicans on the oil gravy train refuse to even consider their profits to be a windfall. Corrupt republicans voted against easing the pain at the pump so that they can blame biden for the price spike. Using gas prices to make the country angry, such nice things the republicans do for our country. https://investorshub.advfn.com/boards/read_msg.aspx?message_id=169144474
Fraudulent Oil and Gas Price Manipulation Atlantic Trading USA, LLC et al. vs. BP P.L.C. et al. [...] Atlantic Trading USA, LLC et al. vs. BP P.L.C. et al.
As the oil and gas industry faces increasing financial challenges, oversight of how companies report transactions that determine futures prices will be important. An ongoing fraud case, involving allegations against multiple oil and gas companies, demonstrates the potential necessity.
In 2013, a group of New York Mercantile Exchange traders alleged that several oil companies were conspiring to manipulate spot prices. In a case that has split American courts, the trader filed a class-action lawsuit .. http://online.wsj.com/public/resources/documents/PlattsLawsuit.pdf .. in federal court naming Shell, BP and Statoil as defendants, along with three oil trading houses and two banks.
The suit alleges the companies reported false transactions to Platts, a company that incorporates daily market information into a benchmark price for Brent Crude oil, over the course of several years. The suit claims that the false information provided by the companies caused oil prices to dip, benefitting the companies’ selling plans but causing commodities traders—and, ultimately, consumers—to lose money. Traders argued the behavior violated sections of the Commodities Exchange Act prohibiting manipulation of prices.
The case moved through one district court and two appellate courts before lawyers for the traders petitioned the U.S. Supreme Court in March 2020 to hear the case. The district court and one of the appellate courts dismissed the case on grounds that because the oil was extracted, and partially traded, outside the United States, the wrongdoing occurred outside the CEA’s domestic jurisdiction. Another appellate court sided with the traders in a decision that generated support from the U.S. Solicitor General and the CFTC.
In “friend of the court” briefs filed with the Supreme Court, two former CFTC officials and two financial reform advocacy groups asked the Court to hear the case, arguing that US markets were a major instrument and victim of the defendants’ alleged fraudulent activity.
“As a result of the Respondents’ alleged manipulation, the prices at which those transactions were executed were artificial, distorted, and unreflective of genuine economic conditions,” the advocacy group brief states .. https://www.supremecourt.gov/DocketPDF/19/19-1141/141918/20200417135111522_19-1141acBetterMarketsInc_.pdf . “As such, their manipulation did not just injure the Petitioners, but the U.S. futures markets themselves.”
June 24, 2020 Supreme Court Will Not Review Atlantic Trading Case
This month, the Supreme Court decided not to review a Second Circuit decision on commodity market manipulation (Atlantic Trading USA LLS v. BP P.L.C.). Better Markets had filed a joint amicus brief in April urging the Court to take the case. The lower court held that even manipulative schemes that distort prices on U.S. commodity exchanges and harm U.S. traders are beyond the reach of the law if they originate overseas. That decision dealt a severe blow to the CFTC’s ability to police commodity market manipulation and the ability of traders to seek damages for such misconduct. For now, at least, we would expect to see more commodity market manipulation cases brought in other federal courts, including those in the Ninth Circuit, which don’t interpret the Commodity Exchange Act so narrowly. https://bettermarkets.org/newsroom/supreme-court-will-not-review-atlantic-trading-case/
Their main competition is for government subsidies and tax forgiveness and below-cost leases. That is why they buy congressmen, or haven't you noticed?
You are calling me socialist when it is you that supports the government providing funding and advantages for private and corporate giant companies. Typical faux capitalist attack to protect your grift system.
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