Oil tankers parked off British coast as speculators wait for prices to rise

Oil traders have been criticised for parking tankers off the coast of Britain as they wait for petrol prices to rise.

Ten oil and gas vessels are currently anchored in Lyme Bay in Devon amid claims that speculators are trying to push up the prices paid by motorists.

Local residents say that some of the tankers have been there for months.

Motoring groups last night accused oil traders of refusing to let the ships dock in the hope of squeezing higher profits out of British consumers.

Yesterday it emerged that the forecourt cost of petrol was on course to increase 26 per cent over 2009, with analysts predicting that prices will continue will rise into the New Year.

Edmund King, president of the AA, said: “Traders and speculators seem to be storing up oil until the price rises. Drivers can expect more hikes in the pipeline. Motorists are paying the price of this at the pumps.”

Telegraph