U.S. probes BP for gas market manipulation

LONDON Wed Feb 2, 2011 8:15am EST

A BP logo is seen on a petrol station in London November 2, 2010. REUTERS/Suzanne Plunkett

A BP logo is seen on a petrol station in London November 2, 2010.

Credit: Reuters/Suzanne Plunkett

LONDON (Reuters) - BP said U.S. regulators were considering filing charges against it related to alleged manipulation of the gas market.

"The U.S. Federal Energy Regulatory Commission (FERC) and the U.S. Commodity Futures Trading Commission (CFTC) are currently investigating several BP entities regarding trading in the next-day natural gas market at Houston Ship Channel during October and November 2008," BP said on Wednesday.

The FERC's enforcing body is now mulling whether to pursue charges against BP, which was prosecuted on propane market manipulation charges in 2006. BP paid around $300 million to settle those charges.

The news comes as BP is struggling to rebuild its business and reputation in the United States after causing the U.S.'s worst-ever oil spill last year in the Gulf of Mexico.

(Reporting by Tom Bergin; Editing by Dan Lalor)

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Comments (8)
pnipni wrote:
BP and the U.S. are scratching each others backs all the time. They deserve each other.

Feb 02, 2011 2:52am EST  --  Report as abuse
fromthecenter wrote:
Why wont this socialist government get out of the way of business? Let business do what they do best right?

Feb 02, 2011 5:27am EST  --  Report as abuse
hujintaosson wrote:
fromthecenter: Are you really from the center or are you one of these tea partiers who can’t grasp reality. BP should be kicked out of the nation for their crimes against the US, which include many.

Feb 02, 2011 6:01am EST  --  Report as abuse
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