U.S. Panel, Justice Dept. to Examine Firm’s Oil and Gas Trading
By Stephen Voss and Mathew Carr
Bloomberg News
Wednesday, August 30, 2006; Page D02
BP PLC, the world’s third-largest oil company, is under investigation by U.S. authorities for possible manipulation of crude oil and gasoline markets, a further blow to a reputation that has already suffered from recent oil spills in Alaska.
The crude oil inquiry is being led by the U.S. Commodity Futures Trading Commission, which regulates futures markets, and the Justice Department is probing the company’s gasoline trades, BP spokesman Robert Wine in London said. BP is “cooperating fully,” he said.
BP and chief executive John Browne already face investigations in the United States over an Alaskan oil spill, a refinery explosion in Texas that killed 15 people in 2005 and an alleged plot to manipulate propane prices. The U.S. setbacks have contributed to a 16 percent drop in BP shares since April 24, compared with a 7.4 percent jump at Exxon Mobil Corp, the world’s largest oil company. read more
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