EU: Oil, Biofuel Companies May Have Colluded on Price Distortion
May 14, 2013. Source: Frances Robinson, Wall Street Journal
BRUSSELS--The European Union's antitrust authorities raided the offices of oil and biofuel companies in two EU member states and Norway on suspicion of distorting prices, the EU Commission said Tuesday.
"On 14 May 2013, Commission officials carried out unannounced inspections at the premises of several companies active in and providing services to the crude oil, refined oil products and biofuels sectors," it said in a statement. "The Commission has concerns that the companies may have colluded in reporting distorted prices to a Price Reporting Agency to manipulate the published prices for a number of oil and biofuel products."