BP accused of price fixing . . . again
Share Now on:
BP accused of price fixing . . . again
TEXT OF STORY
DOUG KRIZNER: British oil giant BP is in the hot seat again. The company says it could face charges of price fixing. This time in unleaded market for gasoline. From London, Stephan Beard reports.
STEPHEN BEARD: BP has already been accused of trying to corner the propane market as well as massage crude oil prices.
Now the company says it could be facing legal action on yet another front: A U.S. futures regulator has alleged that BP manipulated the price of unleaded gasoline.
The allegations relate to trading on one day four years ago. A
All this reflects a general concern in Congress about alleged energy market manipulation, but Carola Hoyos of the Financial Times does not believe there is a major problem here.
CAROLA HOYOS: Anytime the oil price is high, or the electricity price is high, or the gas price is high, Congress worries about these things. And so I’m a little cynical about this. I think there’s a really good dash of politics involved here.
BP has strongly denied any improper trading in the unleaded gasoline market.
In London, this is Stephen Beard for Marketplace.
There’s a lot happening in the world. Through it all, Marketplace is here for you.
You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible.
Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.
