Price fixing is in the Shell DNA


With Royal Dutch Shell, price fixing is not a matter of conjecture, but normal operating procedure. Its in the company DNA. Shell has a disgraceful history of price fixing/cartel activity stretching back over a century, including a cartel operated with its Nazi partner, I.G. Farben, found guilty of war crimes. Shell’s history of market manipulation, stretches back almost to its inception, including cartel participation, price fixing,  fictitious trades, monopoly, securities fraud etc. Shell was a founding member of the “Seven Sisters“, the first global oil cartel.

By John Donovan

The news media is giving huge coverage of the EU investigation into alleged price-rigging by oil companies, including Shell and BP.

It remains to be seen whether Shell is guilty on this occasion.

With Royal Dutch Shell, price fixing is not a matter of conjecture, but normal operating procedure. Its in the company DNA. Shell has a disgraceful history of price fixing/cartel activity stretching back over a century, including a cartel operated with its Nazi partner, I.G. Farben, found guilty of war crimes.

Winston Churchill attacked Shell for secret oil price rigging. Even if not well founded at that time, Churchill’s instinct was bang on.

Shell’s history of market manipulation, stretches back almost to its inception, including cartel participation, price fixing,  fictitious trades, monopoly, securities fraud etc. Shell was a founding member of the “Seven Sisters“, the first global oil cartel.

The Royal Dutch Shell Group was built on price-fixing.

Some more recent examples.

New York Times: “Shell to Pay $180 Million” (Price fixing case): 3 Jan 1987

New York Times: “California Oil Price-Fixing Case Settled”: 17 August 1991

New York Times: Settlement for Coral Power: 15 November 2003

Bloomberg: Shell, Unipetrol, Bayer Are Sued Over Rubber Cartel (Update2): 20 May 2008

May 20 (Bloomberg) — Cooper Tire & Rubber Co., the second- largest U.S. tiremaker, and 25 other companies sued Unipetrol AS, units of Royal Dutch Shell Plc, Bayer AG, and as many as 20 others over an alleged rubber cartel in Europe.

Unipetrol and units of Shell, Dow Chemical Co., Eni SpA and Trade-Stomil Sp were fined a total of 519 million euros ($813 million) in a 2006 European Union antitrust case over material used to make tires and shoes. The companies are appealing.

The Times: Supermarkets and tobacco firm are fined £173m for price fixing: 12 July 2008

Reuters: EU fines “paraffin mafia” wax makers’ cartel: 1 October 2008

The Times: ‘Paraffin mafia’ comes unstuck after €676m fines: 2 October 2008

Guardian: ‘Paraffin mafia’ firms given £500m fines for price-fixing: 2 October 2008

Financial Times: Brussels fines paraffin wax cartel: 2 October 2008

The Wall Street Journal: Wax Price-Fixing Is Alleged: 2 October 2008

Occupational Health & Safety: Merit Energy and Shell to lower emissions after clean air violations: 4 October 2008

Financial Post (Canada): GREECE FINES BP, SHELL $80M FOR PRICE-FIXING: 26 November 2008

ChannelNewsAsia: Greece fines BP, Shell for price-fixing: 26 November 2008

International Herald Tribune: Greece: BP, Shell fined for competition breaches: 25 November 2008

Bloomberg: Chevron, Total, Exxon, Shell Fined on Air France Fuel: price fixing cartel: 4 Dec 2008 (Exxon Mobil Corp., Royal Dutch Shell PLC, Chevron fined 41.1 million euros ($52 million) by the French antitrust authority for fixing the price of fuel for certain Air France-KLM Group flights.)

Shell, Dow lose court challenge to EU antitrust fine: 13 July 2011: Reuters

Extracts

(Reuters) – Royal Dutch Shell (RDSa.L) and Dow Chemical (DOW.N) lost a court appeal on Wednesday against a fine levied by EU regulators five years ago for taking part in a cartel…

…the Court upheld the 160.88 million euro fine on the Royal Dutch Shell group.

Shell settles South Africa cartel case: 21 February 2012

via Royal Dutch Shell Plc .com.

via Royal Dutch Shell Plc .com.

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About Old Boy

Love the past and the future but live in the present

Posted on May 17, 2013, in buisiness, Crime, Energy, gas, Government, oil, politics and tagged , , , , , , , . Bookmark the permalink. Leave a comment.

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