Oil Regulatory Body

Found 13th Oct 2008
The price of oil is currently at a nine month low, yet the price of fuel at the forecourt remains high as does home heating oil compared to this time nine months ago. Why is there no regulatory body?

I have a petition waiting to be signed at the following link for the PM to setup a body to regulate the price of oil. The USA have had one for years!

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Have signed it, but I don't know what difference it will make - the Government don't want the price to come down because that will mean less revenue for them.
they are already looking to cut prices. this was on the bbc website last week.

Having worked in finance for a utilities company in the past, it annoys me that energy companies are all too willing to put their prices up, because the wholesale cost of buying oil has increased by so much month on month & all of the companies increase their prices at the same time, yet they each enter forward contracts at different times for most of their oil requirements years in advance (they are not stupid) & yet for some reason they all have to put their prices up at the same time almost several times a year, how does that work, i.e. do all of their forward contacts run out at the same time, errr no, they are just taking advantage of the users who have no choice.

The industries regulatory body should really consider this, when they look at the price increases, because you can't have it both ways, they either all put their prices up & down in 'real time' (for no reason, because their costs are fixed, through their forward contracts) or they leave them as is, until their contracts needs renewing & then put it up or down dependant on the new contract.

This also goes for the whole, we've held off price increases for as long as we can, errr no you haven't you entered a forward contract & your oil price is fixed or at least it should be unless your not doing your job properly, because if you're holding off price increases after entering into another forward contract then that's not good business sense & you'll be losing money supplying oil at a lower price than you bought it for, instead increase prices by a reasonable & sustainable amount, rather than waiting till the last moment & hiking them by 33% to recover costs & be able to pay the enormous dividends to shareholders & massive bonuses to the directors to make profits look smaller & justify the increase as some papers & analysts have suggested

Okay rant over, but I hope you get my point, its not fair on the users who have to put up with the repeated increases, when it would seem to me not to be warranted (though in all fairness the industry & their ability to enter forward contracts to fix prices may have changed in the last few years, although I doubt it).
Have signed but have signed similar petitions before with thousands of signatures and nobody takes any notice from the normal consumer.Anyway I think we should visit other forums and get more signatures and see what happens????????
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