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Euro MP responds to Alan Duncan’s attack on European Commission investigation into possible oil price rigging
Euro MP, Arlene McCarthy, Vice Chair of the European Parliaments Economic & Monetary Affairs Committee and draftsperson of the Law on Market Abuse said: "The European Commission has a duty to investigate when a complaint is made; they are simply doing their job. The fact is manipulation of financial markets is no surprise to us."
“We have already seen the Libor interest rate rigging scandal and gas market manipulation. One of the leading oil companies, Totale has themselves indicated that abuse and manipulation has been taking place. The Commission are simply exercising due diligence.”
Arlene added: “Action is long overdue. Price reporting agencies provide vital information to the oil market which in turn has an impact on the price of petrol at the pump. These agencies work in an unregulated space with no supervision. They also have a conflict of interest as their clients are those that they supply the information to.”
“The Development Minister shows a woeful ignorance of Europe and its procedures. He is certainly not acting in the interests of consumers. As consumers we continue to pay more at the pump while oil companies make huge profits. In April this year BP profits more than tripled to £10.7bn.”
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