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British petroleum tried to manipulate gasoline futures { December 14 2006 } Original Source Link: (May no longer be active)    http://www.nytimes.com/2006/12/14/business/14oil.html?ref=business http://www.nytimes.com/2006/12/14/business/14oil.html?ref=business December 14, 2006 U.S. May File Charges Against BP Over Dealings in Gasoline Futures By JAD MOUAWAD BP, the oil giant, said yesterday that federal regulators were considering bringing civil charges against it in connection with trading activities in the gasoline futures market four years ago. BP, which is based in London, said it was notified by investigators at the Commodity Futures Trading Commission last month that they intended to recommend a civil enforcement action against the company for trading activities in unleaded gasoline on Oct. 31, 2002. The announcement is the latest setback for BP, whose businesses in the United States have been under frequent scrutiny by regulators over the last two years. The company provided documents and testimony related to the investigation, according to a regulatory filing BP made yesterday with the Securities and Exchange Commission. The company denied any wrongdoing and said it was ready to make its case before a judge, a BP spokesman, Scott Dean, said. “We’ve reviewed the facts on that single trading day four years ago, and we are confident that manipulation was not attempted, did not occur, and that no laws were broken by our people,” Mr. Dean said. “We believe our trading activity was lawful and we can prove it in court if needed.” BP said the commission also was looking into “various aspects” of its trading and storage activities involving crude oil since 2003 and had made “various formal and informal requests for information.” A spokesman for the commission, Dennis Holden, would not confirm or deny the recommendation for civil action or comment on the investigation. Mr. Holden said BP’s regulatory filings “speak for themselves.” BP also said it had commissioned an independent review of its “trading compliance and culture” in the United States. The company said that the review, to be undertaken by the auditing firm KPMG, would be made available to regulators when completed. BP has been the subject of several investigations by federal regulators in recent years. Its trading desk, in particular, has drawn scrutiny for what regulators view as aggressive trading tactics. BP is also under investigation for an oil spill in Alaska this year and an explosion in 2005 that killed 15 people at a Texas refinery. In June, the commodity trading commission filed a complaint in a Federal District Court in Illinois charging that some traders at BP had tried to manipulate propane prices by cornering the market in February 2004. BP denied that any market manipulation had occurred. It dismissed several employees, saying they failed to comply with its trading guidelines, and said it would contest the charges in court. Federal investigators are also looking into possible trading irregularities in the over-the-counter crude oil market in 2003 and 2004. Copyright 2006 The New York Times Company

BP facing oil and gas probe { July 2006 } BP prices manipulation probed { August 29 2006 } BP purposely allowed pipeline to shutdown { August 10 2006 } British petroleum tried to manipulate gasoline futures { December 14 2006 } Oil strikes 76 on BP field shutdown { July 2006 } Files Listed: 5

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