BP runs into further trouble

Marketplace Staff Aug 29, 2006
HTML EMBED:
COPY

BP runs into further trouble

Marketplace Staff Aug 29, 2006
HTML EMBED:
COPY

MARK AUSTIN THOMAS: The British oil giant BP has run into further trouble with its US operations. The company is now reported to be under federal investigation for allegedly manipulating the oil and gasoline markets. From London, Stephen Beard has more.


STEPHEN BEARD: Among the allegations is the claim that BP may have used inside information to influence the oil market. According to US press reports the company is also facing a criminal inquiry into gas price manipulation. These are just the latest woes. There’s also a case about propane price fixing and the company has to appear before Congress next week to talk about oil spills in Alaska. BP has certainly fallen foul of US regulators, says Justin Urquart-Stewart of Seven Investment:

JUSTIN URQUART-STEWART: The reason is that you get the spotlight on you. And once that spotlight appears then anything that is seemingly not to be whiter than white is shown up very clearly indeed.

The scrutiny may soon reach the very top of the company. The chief executive Lord Brown has has just been told he must testify in a case against BP following the fatal refinery explosion in Texas last year.

In London, this is Stephen Beard for Marketplace.

As a nonprofit news organization, our future depends on listeners like you who believe in the power of public service journalism.

Your investment in Marketplace helps us remain paywall-free and ensures everyone has access to trustworthy, unbiased news and information, regardless of their ability to pay.

Donate today — in any amount — to become a Marketplace Investor. Now more than ever, your commitment makes a difference.