interestrateripoff Posted April 28, 2011 Share Posted April 28, 2011 http://www.guardian.co.uk/business/2011/apr/28/aa-queries-oil-market-manipulation The AA is to ask the European competition commissioner to investigate whether oil and petrol markets are being manipulated as Shell reports first quarter profits up 40%, making its global profits stand at nearly £2m per hour.The motorists' organisation wants similar groups on the continent to pressurise the European Union to take action because, while wholesale petrol prices are at record levels, crude oil is still $20 lower than in 2008. "We do not have a beef with Shell per se," said an AA spokesman, "but we do have a beef with the oil industry in general and the lack of transparency in the sector." Perhaps the EU will discover that having political unrest in countries that produce oil isn't good for the oil price. The mass printing of dollars and monetizing the US deficit isn't good for the oil price... etc.... Although I'm sure that if any blame is found it will be down to some evil speculator stroking a cat somewhere. Quote Link to comment Share on other sites More sharing options...
Errol Posted April 28, 2011 Share Posted April 28, 2011 Investigating the Bernank might be a better plan. Quote Link to comment Share on other sites More sharing options...
_w_ Posted April 28, 2011 Share Posted April 28, 2011 http://www.guardian....et-manipulation Perhaps the EU will discover that having political unrest in countries that produce oil isn't good for the oil price. The mass printing of dollars and monetizing the US deficit isn't good for the oil price... etc.... Although I'm sure that if any blame is found it will be down to some evil speculator stroking a cat somewhere. I think AA is targeting refiners who must be enjoying huge margins. Quote Link to comment Share on other sites More sharing options...
Live Peasant Posted April 28, 2011 Share Posted April 28, 2011 One of the news channels is reporting an expected 7% rise in prices as 'current pricing does not cover the costs of production'. Sorry, no link. Quote Link to comment Share on other sites More sharing options...
RichB Posted April 28, 2011 Share Posted April 28, 2011 I think AA is targeting refiners who must be enjoying huge margins. Compared to the tax man they earn sod all, and actually have to do some work for it. Tax man takes what - 200% tax on petrol? Quote Link to comment Share on other sites More sharing options...
OnlyMe Posted April 28, 2011 Share Posted April 28, 2011 The AA must be hurting - maybe more people running out of fuel after trickling in a little fuel at a time plus more breakdowns from cars that aren't being serviced / repaired. Quote Link to comment Share on other sites More sharing options...
Ruffneck Posted April 29, 2011 Share Posted April 29, 2011 The AA must be hurting - maybe more people running out of fuel after trickling in a little fuel at a time plus more breakdowns from cars that aren't being serviced / repaired. My uncle worked for the AA for 25 years but was made redundant during the GFC. People are cutting everywhere they can. Quote Link to comment Share on other sites More sharing options...
Harry Sacks Posted April 29, 2011 Share Posted April 29, 2011 The motorists' organisation wants similar groups on the continent to pressurise the European Union to take action because, while wholesale petrol prices are at record levels, crude oil is still $20 lower than in 2008. Duh! Quote Link to comment Share on other sites More sharing options...
Harry Sacks Posted April 29, 2011 Share Posted April 29, 2011 The AA must be hurting - maybe more people running out of fuel after trickling in a little fuel at a time plus more breakdowns from cars that aren't being serviced / repaired. The AA is hurting because it's little more than a household name and a massive pile of debt. In 10 years they've been flipped three time by private equity spivs. All the assets have been sold, they don't even own the vans! The current owners are interested in nothing but selling the whole liability but to do this they need to show yoy profit growth, so they're asking patrols to sell all their other products (insurance, driving lessons) at the breakdown! Quote Link to comment Share on other sites More sharing options...
MrPin Posted April 29, 2011 Share Posted April 29, 2011 The main business of the AA, is not fixing cars, but selling insurance! :angry: Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted April 29, 2011 Author Share Posted April 29, 2011 The AA is hurting because it's little more than a household name and a massive pile of debt. In 10 years they've been flipped three time by private equity spivs. All the assets have been sold, they don't even own the vans! The current owners are interested in nothing but selling the whole liability but to do this they need to show yoy profit growth, so they're asking patrols to sell all their other products (insurance, driving lessons) at the breakdown! But private equity creates growth and wealth. Has any private equity buyout created a business which doesn't acquire a huge amount of unserviceable debt, which can only be sold at a profit if another PE buys with an even larger amount of debt? Isn't modern capitalism a wonderful thing. Quote Link to comment Share on other sites More sharing options...
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