BP faces probe over gas trades
British oil major BP said Wednesday that U.S. regulators were investigating October 2002 gasoline futures trades and recommended civil action be brought against the company.
BP first revealed that the Commodity Futures Trade Commission was investigating the 2002 gasoline futures trades in late August. The company also faces allegations from CFTC that it manipulated the U.S. propane market in 2004.
BP said in a financial document filed on Wednesday with the Securities and Exchange Commission that "The CFTC Staff notified BP on November 21, 2006, that they intend to recommend to the CFTC that a civil enforcement action be brought against BP Corporation North America, Inc. ... in connection with its trading of unleaded gasoline futures contracts on October 31, 2002."
