BP and Shell HQs Raided by European Commission on Oil Price Fixing Suspicion

Two of Britain’s biggest oil companies’ London headquarters were raided by EU investigators yesterday, over allegations that customers have been ripped off at the petrol pump for years. The officers from the European Commission’s competition authority searched BP and Shell’s offices, to look for evidence of price rigging. In the wake of the Libor interest rate manipulation scandals, the EC has launched an investigation on what could be the next price fixing scandal by these big oil companies conspiring to inflate oil prices and, in turn, the cost of petrol. The Commission stated that the anti-competitive co-operation may also have…