CNN/Reuters: BP hit by oil trading probe

[DeepModem Mom]

BP hit by oil trading probe
Feds eye whether the oil giant manipulated markets for crude, unleaded gasoline.
August 29 2006

NEW YORK (Reuters) -- Federal investigators are examining whether BP Plc manipulated crude oil and unleaded gasoline markets, the company confirmed Tuesday....

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A report in The Wall Street Journal on Tuesday said BP (Charts), which has been summoned before Congress next week over problems at its Alaska pipelines, already faces a civil complaint filed by federal commodities regulators for allegedly manipulating much of the U.S. market for propane....

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The separate investigations on crude oil and gasoline could intensify pressure on BP because these markets are bigger and directly affect most American households, The Journal reported.

The Journal said the crude oil probe was focused on possible manipulation of the global over-the-counter market in 2003 and 2004 and that the U.S. Commodity Futures Trading Commission had sent subpoenas to BP and energy traders.

The gasoline inquiry has been underway for more than a year and includes a criminal probe by the Justice Department, the newspaper said....

http://money.cnn.com/2006/08/29/news/international/bp.reut/index.htm?cnn=yes

[Rambis]

1. Price gouging no!

It sucks because if gas in cheap we have stupid hummers on the road but if it gets to be 4$ our household will suffer big time.

[leveymg]

2. Interesting - why just BP? Retail gas prices were manipulated across the

board before the 2004 elections.

See, http://www.williambowles.info/guests/gas_pump.html

It's happening again. Surprise.

BP is going against the flow with its timing of shutting down Prudhoe Bay lines before the elections.

[Tight_rope]

3. This is so like HUGE!.. But it's not the first time they suckered the poor

[louis-t]

4. Wouldn't surprise me a bit.

Teachers out of the room, y'know.