BP Named in Inquiry on Pricing By JAD MOUAWAD Federal regulators charged yesterday that BP manipulated the price of propane two years ago by cornering the market through its dominant position, pushing up heating costs for millions of households at the peak of winter demand. The Commodity Futures Trading Commission charges that at least six current and former employees at a unit of BP North America squeezed the propane market in February 2004, according to a civil complaint filed in federal court. They sought to make at least $20 million in profits, it said. Also, the Justice Department said yesterday that one trader named in the lawsuit pleaded guilty to a conspiracy charge in a parallel criminal case. The plea is part of a continuing investigation by the F.B.I. "BP cornered the market on physical propane," said Gregory G. Mocek, the director of the enforcement division of the trading commission, a federal regulator that oversees commodity markets. "They used their financial power to drive up prices." ,snip. You are subscribed as roessler@xxxxxxxxxxxxxxxxxx To manage your subscription, go to http://v2.listbox.com/member/?listname=ip Archives at: http://www.interesting-people.org/archives/interesting-people/ |