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Jin Seo

BP, Shell raided over alleged price fixing | Business News | Business and Finance News ... - 2 views

www.heraldsun.com.au/...story-fndgp8b1-1226642946822

oil pricefixing theoryofthefirm oligopolies

shared by Jin Seo on 31 May 13 - No Cached
  • crude oil, refined oil products and biofuels purchases and sales
    • Jin Seo
      Jin Seo on 31 May 13
       
      Oil - one of the most inelastic good   
  • Statoil
  • ...9 more annotations...
  • Platts
  • final consumers
  • colluded
  • prevented others from participating in the price assessment process, with a view to distorting published prices.
  • price fixing
  • cartels
    • Jin Seo
      Jin Seo on 31 May 13
       
      formal collusion; cartels are group of competitive firms colluding together to act as a monopoly - why is a monopoly market structure attractive to producers? 
  • High oil prices are crushing families across Britain. Motorists are being taken for a very expensive ride.''
    • Jin Seo
      Jin Seo on 31 May 13
       
      reasons why oligopolies are strictly monitored 
    • Jin Seo
      Jin Seo on 31 May 13
       
      and also why oligopolies want to collude to become a monopoly 
  • Libor scandal
    • Jin Seo
      Jin Seo on 31 May 13
       
      largest price fixing scandal
  • transparency.''
    • Jin Seo
      Jin Seo on 31 May 13
       
      what would the evaluation contain?  - is it good or bad? (for consumers (benefits of colluding) and producers)  - BP oil competition = shows how having contest ability may be dangerous  - what can the governments do to stop collusion from happening? 
  • Jin Seo on 31 May 13
     
    oil price fixing in the EU
Jin Seo

BP, Shell raided over alleged price fixing | News.com.au - 1 views

www.news.com.au/...story-fnda1bsz-1226642946822

pricefixing EU shell BP

shared by Jin Seo on 12 Jun 13 - No Cached
  • cartels
    • Jin Seo
      Jin Seo on 12 Jun 13
       
      formal collusion; cartels are group of competitive firms colluding together to act as a monopoly - why is a monopoly market structure attractive to producers?
  • market manipulation
    • Jin Seo
      Jin Seo on 12 Jun 13
       
      The act of artificially inflating or deflating the price of a security 
  • prices of crude oil, refined oil products and biofuels purchases and sales, potentially harming final consumers
    • Jin Seo
      Jin Seo on 12 Jun 13
       
      oil- one of the most inelastic goods due to its high demand and usage in producing a lot of consumer goods 
  • ...9 more annotations...
  • price fixing
    • Jin Seo
      Jin Seo on 12 Jun 13
       
      price fixing = market manipulation 
  • BP, Shell and Norway's Statoil
    • Jin Seo
      Jin Seo on 12 Jun 13
       
      what sort of market structure are they in? oligopoly and their tendency to collude = because they are profit maximizers 
  • European Commission
    • Jin Seo
      Jin Seo on 12 Jun 13
       
      have monitoring for these companies due to high probabilities of collusion 
  • collude
  • prevented others from participating in the price assessment process
    • Jin Seo
      Jin Seo on 12 Jun 13
       
      fairly high barriers to entry - one of the characteristics of an oligopoly 
  • the market vulnerable to abuse
  • Consumers need to know that the prices they pay for their energy or petrol are fair, transparent and not being manipulated by traders
  • High oil prices are crushing families across Britain
  • market transparency
    • Jin Seo
      Jin Seo on 12 Jun 13
       
      EVALUATION: what would the evaluation contain?   - is it good or bad? (for consumers (benefits of colluding) and producers)   - BP oil competition = shows how having contest ability may be dangerous   - what can the governments do to stop collusion from happening? 
  • Jin Seo on 12 Jun 13
     
    Price fixing of oil companies in the EU
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