They better not be messing with propane!
Posted on 08/10/2007 5:41:52 AM PDT by MichaelP
LONDON (Reuters) - U.S. regulators have extended their investigation into alleged oil market manipulation at BP (BP.L: Quote, Profile, Research), probing trades going back an additional four years, a spokesman for the oil major said on Friday.
BP said in a statement the U.S. Commodity Futures Trading Commission and the U.S. Department of Justice were investigating aspects of BP's commodity trading activities, including crude oil trading and storage activities, in the US since 1999.
The spokesman said BP had previously reported that regulators were only looking into crude trades from 2003.
Regulators have also investigated BP for alleged propane markets manipulation and last year BP said regulators recommended civil action be brought against the company for alleged manipulation of gasoline futures trades in October 2002.
The spokesman declined to comment on the extension of the trading probe. The company has previously denied wrongdoing in relation to the gasoline trades.
In 2003 BP settled an investigation when it agreed to pay the New York Mercantile Exchange $2.5 million (1.24 million pounds) to resolve allegations it had improperly traded crude oil futures.
The accusations of market manipulation have added to pressure on BP in the United States, with the company reeling from a refinery blast in 2005 that killed 15 workers and pipeline leaks in Alaska which it admitted were partly due to cost cuts.
Mike
I have a feeling that the whole story of the corruption wrought by former BP CEO Sir John Gay Browne has yet to be told.
I sincerely hope British Petroleum gets burned to the ground. The hypocrisy of there commercials alone makes it mandatory.
bookmark
This is a shock!
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