Manipulation of oil markets is systemic, says former regulator.

Chris Cook, former head of compliance at the International Petroleum Exchange: “The Guardian’s investigation into the alleged “Libor-like” fixing of UK gas prices was doubly ironic for me. The first irony is that, as director of compliance and market supervision of the International Petroleum Exchange (now ICE Futures Europe) in the 1990s, I was heavily involved in the development and legal architecture of the gas-market contract that has now allegedly been manipulated….. The real problem lies not with gas, but crude oil – which is suffering perhaps the greatest market manipulation the world has seen.”