BP Oil Marketing Trading Investigated
Posted on: Tuesday, 29 August 2006, 09:00 CDT
U.S. authorities are investigating BP PLC, the British energy giant, for possible manipulation of the crude oil and gasoline markets.
News of the probe follows a civil complaint into alleged manipulation of the propane market, investigations into possible negligence of leaking crude oil pipelines on Alaska's North Slope and litigation surrounding last year's explosion at a Texas refinery.
The Commodity Futures Trading Commission is looking into possible manipulation in 2003 and 2004 of the world over-the-counter market for crude oil, The Wall Street Journal reported Tuesday. The Justice Department also is investigating a single day's gasoline trading on the New York Mercantile Exchange in 2002.
Of specific interest to the CFTC is the possibility that vertically integrated company may have used its inside knowledge of the U.S. physical crude oil market to benefit improperly in the futures market for crude oil.
No charges have been filed in the latest investigation.
None of the agencies involved would comment and BP said it was cooperating.
Source: United Press International
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