ITWASSOOTED: BP accused of price manipulation

Thursday, June 29, 2006

BP accused of price manipulation

BP is facing legal action in the US over charges that it tried to manipulate propane prices in 2004.

Regulators allege its BP Products North America subsidy artificially forced up prices by buying up huge propane stocks only to withhold them from the market.

BP has denied the civil charges and said it intended to defend itself, and added that staff had been dismissed.

On Wednesday, a former BP trader, Dennis Abbott, pleaded guilty to manipulating the propane my opinion this is standard operations. they are monopolies and are capable of price fixing at any time look at what enron was doing in california oregon and washington.......