Big Surprise
Aug 29th, 2006 at 6:48 pm by Susie
Didn’t we already see this movie?
NEW YORK (Reuters) — U.S. federal investigators are examining whether BP Plc manipulated crude oil and unleaded gasoline markets, the company said on Tuesday.
BP (down $1.15 to $67.15, Charts) confirmed a report in The Wall Street Journal that an investigation was underway, but declined further comment. [...]
The U.S. Congress is investigating the shutdown of around half the output at its 400,000 barrels per day Prudhoe Bay oilfield in Alaska. Prudhoe is the largest oilfield in the United States.
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 crude oil probe was focused on possible manipulation of the global over-the-counter market in 2003 and 2004, The Journal reported. The CFTC has sent subpoenas to BP and energy traders, the newspaper said.
