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Revealed: 50 oil tankers loitering off British coast as they lie in wait for fuel price hikes

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Fhirinne
User ID: 623339

United Kingdom
11/19/2009 7:40 PM
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Revealed: 50 oil tankers loitering off British coast as they lie in wait for fuel price hikes

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More than 50 oil tankers are anchored off Britain - pieces in a game in which the only winners are market speculators.

The losers are the millions of British motorists paying over the odds for their petrol and diesel.

After yesterday's report in the Daily Mail on how several so-called 'oil shark' tankers were moored near the Devon coast, dozens more vessels were revealed to be loitering off-shore.

Some are carrying aircraft fuel or fuel for homes. Others are empty, waiting to be restocked before setting off around the globe.

But according to industry experts, a significant number are 'oil sharks' - tankers that have been cynically told to wait for crude prices to be driven up before they unload their cargo.

With values soaring on the international markets, fuel made from their oil is unlikely to appear on a petrol station forecourt any day soon.

Paul Watters of the AA said: 'Tankers are off the UK coast and also off the U.S. They are acting as storage tanks. As always, motorists are the victims in this. They are at the end of the food chain.'

The Daily Mail has learnt that 54 tankers are anchored around the British Isles.

Six are off the Essex and Kent coasts, five are moored in Lyme Bay, while four are lurking next to the Isle of Wight.

But the biggest fleet - around 30 ships - lies around ten miles from Southwold, Suffolk in the only waters around the UK where ship-to-ship transfers of oil are allowed.

They come from as far afield as Malaysia, Liberia and Singapore - and include 1,000ft vessels capable of carrying more than 300,000tons of oil.

Locals in Suffolk watched with growing anger over the summer as more and more tankers dropped anchor.

Southwold mayor Susan Doy said: 'It is wrong that tankers should be left off our coast for reasons of profiteering. Ordinary people are left to suffer as petrol prices go up.'

Andrew Reid, of ship owners and managers Charles M Willie & Co, said the flotilla off the Devon coast, pictured in the Mail yesterday, was 'a drop in the ocean compared to the much bigger fleet full of crude oil off Suffolk'.

He added: 'They are all just waiting there for the price of crude oil to rise, enabling huge profits to be taken. If all this crude were to be delivered there would doubtless be a fall in the crude price and petrol prices.'

[link to www.dailymail.co.uk]

anonymous
User ID: 822436

United States
11/19/2009 7:51 PM

Re: Revealed: 50 oil tankers loitering off British coast as they lie in wait for fuel price hikes

Quote

prices were manipulated up to 149.00 a yr ago for oil companies to rake in the last possible profits so as to tide them over in the coming lean years. saudi and other oil producing countries had been scaling back production for prolly 3 years now.. but cooked the books on pooductions amounts , so as to hide that fact on international news shows.. they reprolly producing half or a thrd of new oil at this time...buuuut soon they will need serious fresh cash infusions foryears from depleted revenues ..then oil drops like a rock to bring in fresh cash to revenue starved producers

Anonymous Coward
User ID: 821315

Thailand
11/30/2009 9:23 AM

Re: Revealed: 50 oil tankers loitering off British coast as they lie in wait for fuel price hikes	Quote
Shouldn't be long waiting.. once things heat up in the mideast for December.

Anonymous Coward
User ID: 819864

United Kingdom
11/30/2009 10:20 AM

Re: Revealed: 50 oil tankers loitering off British coast as they lie in wait for fuel price hikes	Quote
We could charge them parking fees.

Fhirinne
User ID: 623339

United Kingdom
12/16/2009 8:58 AM

Re: Revealed: 50 oil tankers loitering off British coast as they lie in wait for fuel price hikes	Quote
Shouldn't be long waiting.. once things heat up in the mideast for December. Quoting: Anonymous Coward 821315 Looks like you were bang on with what you said there

Anonymous Coward
User ID: 840061

Canada
12/16/2009 9:29 AM

Re: Revealed: 50 oil tankers loitering off British coast as they lie in wait for fuel price hikes

Quote

Quoting: anonymous 822436

It's not the oil companies - it's the banks and their traders. Oil companies have all seen shrinking profit margins this year and some of the producers & drilling companies are in trouble.

Those tankers are being leased by Morgan Stanley, Goldman Sachs, etc. and they're the ones making money on it. Blame the bankers, and the InterContinentalExchange where all the sketchy trades are made that have driven up prices the past 9 year.

Closing the Enron loophole is the only way this sh*t will stop.

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