BP keeps a few billion back to pay off the next court case against it:
This could be kind of expensive, some say make PPI claims look like chicken feed, although it must be said that chicken feed is now quite expensive, but you know what I mean, even if you don't like it.
BP, Shell, Statoil in U.S. Lawsuit Over Alleged Oil Manipulation Today : Saturday 25 May 2013
BP PLC (BP.LN), Royal Dutch Shell PLC (RDSA.LN) and Statoil ASA (STL.OS) have been named in the first lawsuit to be filed following a European Commission antitrust investigation into alleged manipulation of oil prices and benchmarks, the Financial Times in London reported Saturday, citing legal documents.
The oil majors were named as defendants in a class action filed in New York by Prime International Trading, a Chicago-based commodity trading house, which is also claiming damages against unknown defendants, the newspaper said.
Prime International alleges that the defendants intentionally manipulated and conspired to fix the price of Brent Crude oil, the global benchmark, and the price of future contracts, the FT said.
"As major producers and market participants in the Brent Crude oil market, including contributors of Brent Crude oil prices to Platts, defendants had and continue to have market power and the ability to influence prices in the Brent Crude oil market," the claimant alleges in legal documents, the FT said.
"By purposefully reporting inaccurate, misleading and false Brent Crude oil trade information to Platts, defendants manipulated and restrained trade in both the physical (spot) Brent Crude oil market and the Brent Crude oil futures market," the legal documents add, the FT said.
BP declined to comment. Shell declined to comment. Statoil wasn't immediately available for comment.
Lay off the drink, it effects you too much due to the heat.
Two points here, neither of my last posts on here can be called ramping. One was taking the mickey out of the Gas find news, suggesting, due to the lack of movement in the share price, that it may have just been an elephant letting off some gas.
Secondly, saying BP don't need a ramp, but a hydrolic lift, is hardly singing it's praises, either is it?
Thirdly, Only a naïve idiot would think that ramping, or de-ramping either BP or Lloyds, with their huge market cap and amount of shares in circulation could EVER have ANY effect on silly little boards such as these.
Hence, I say and Post what I want, when I want.
Pour yourself another drink, less lemon next time.
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