US probes BP for market manipulation

A British Petroleum (BP) sign is seen at a petrol station in south London July 29, 2008. British oil major BP Plc posted a 61 percent jump in underlying second-quarter profit thanks to high oil prices, beating analysts expectations and boosting the company's shares. REUTERS/Dylan Martinez (BRITAIN)

BP: The company believes it is being investigated by the US Federal Energy Regulatory Commission, it said in an announcement.

REUTERS/DYLAN MARTINEZ

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By News Wires

 02 February 2011 08:16 GMT

US regulators are considering filing charges against supermajor BP related to alleged manipulation of the gas market, according to the company.

"The US Federal Energy Regulatory Commission (FERC) and the US Commodity Futures Trading Commission are currently investigating several BP entities regarding trading in the next-day natural gas market at Houston Ship Channel during October and November 2008," Reuters reported BP as saying.

Reuters reported the FERC's enforcing body was 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…

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