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Published: October 24, 2007

BP Pay $300m for Fixing Market

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  • BP Pay $300m for Fixing Market
    • Blog Post Corruption Current Affairs extreme energy Gas
Andy Rowell

When not blogging for OCI, Andy is a freelance writer and journalist specializing in environmental issues.

[email protected]

BP agreed last night to pay $303m to settle charges that it had manipulated the propane gas market in the United States.
BP was charged last year with price-rigging by cornering the propane market during illegal energy trading in 2004. A Department of Justice lawsuit alleged that one trader told another: “Dude, you’re the entire [expletive deleted] propane market.”
As well as the $303m fine, it was reported last night, the settlement is also believed to include a deferred prosecution agreement on criminal charges in which BP will submit to independent ethics monitoring by a federal government appointee.
The settlement removes another hangover from the leadership of Lord Browne. How many more are there to go?


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