Consumer Watchdog Asks US Regulators to Review Google's Skybox Deal

Advertisement
By Reuters | Updated: 25 June 2014 10:30 IST
Consumer Watchdog Asks US Regulators to Review Google's Skybox Deal

Consumer watchdog Public Citizen has called on U.S. regulators to conduct a review of Google Inc's recent acquisition of aerospace startup Skybox Imaging, concerned that Skybox's satellite technology may aid manipulation of commodity markets.

In a letter to federal energy and trading regulators on Friday, Public Citizen said that access to Skybox's satellite images of oil, gas and power infrastructure is already helping deep-pocketed firms such as banks and hedge funds "gain a financial trading intelligence advantage" in commodities.

Commodity traders already subscribe to Skybox data which includes satellite imagery of oil shipments, pipeline activities and storage sites, Tyson Slocum, director of Public Citizen's Energy Program, wrote in the letter addressed to the Federal Energy Regulatory Commission, the Commodities Futures Trading Commission and the Federal Trade Commission.

Other firms such as Genscape also provide proprietary data to traders looking to get what edge they can in a competitive marketplace.

Advertisement

But with access to Google's huge customer base, Skybox's technology could exacerbate the kind of unfair advantage that already exists for bigger players.

"Federal regulators and Congress must take swift action to keep consumers from further harm at the hand of market participants seeking to exploit non-public information to the disadvantage of other traders," Slocum said.

Advertisement

Google declined to comment. Skybox was not immediately available for comment.

Historically, trading firms have purchased physical assets such as cargoes of oil or gas as part of their trading activities, but the kind of high-resolution cameras and satellite images that can track the route of a single car or person means owning infrastructure may no longer be necessary to garner knowledge of commodity markets.

"A non-public contract with Google can now provide the same competitive trading advantage," Slocum said.

© Thomson Reuters 2014
 

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Advertisement

Related Stories

Popular Mobile Brands
  1. OnePlus 13s Review
  2. OnePlus 13s Launched in India: Know Price, Specifications and More
  3. OnePlus Pad 3 With 12,140mAh Battery Launched in India: Check Features
  4. OnePlus 13s vs iQOO 13: Price in India, Specifications Compared
  5. Nintendo Switch 2 Debuts With Joy-Con 2 Controllers: Price, Features
  6. Oppo Teases Launch of New Smartphone in India; Could Be Reno 14
  7. Poco F7 Launch Timeline, Key Specifications Leaked Ahead of Debut
  8. Samsung Galaxy Z Fold 7, Z Flip 7 May Be Unveiled at New York Unpacked Event
  1. Ethereum Foundation Announces Overhauled Treasury Strategy Amid Scaling Push
  2. Google DeepMind’s Demis Hassabis Wants to Build AI Email Assistant That Can Reply in Your Style: Report
  3. Starlink Reportedly Nears India Launch With DoT Approval for GMPCS License Expected Soon
  4. Oppo Confirms Arrival of New Smartphone in India; Could Be the Reno 14
  5. Redmi Pad 2 India Launch Date Set for June 18; Design, Colour Options Teased
  6. Xiaomi Smart Band 10 Leaked Images Suggests a Familiar Design; Specifications Tipped
  7. OnePlus Pad 3 With Snapdragon 8 Elite SoC, 12,140mAh Battery Launched in India: Specifications
  8. Nintendo Switch 2 Launches With 7.9-Inch LCD Display, Joy-Con 2 Controllers
  9. Pixel 10 Series Colour Options Tipped; Google Could Drop Iconic Hues
  10. Tecno Pova Curve 5G Goes on Sale in India for the First Time Today: Price, Sale Offers, Specifications
Gadgets 360 is available in
Download Our Apps
Available in Hindi
© Copyright Red Pixels Ventures Limited 2025. All rights reserved.