Marathon Oil Unit Faces CFTC Enforcement Action

Law360, New York (May 8, 2007, 12:00 AM EDT) -- Marathon Oil Corp. may be facing an enforcement action from the Commodity Futures Trading Commission over alleged manipulation of the price of oil in 2003, the company said Monday in a regulatory filing.

According to Marathon, the CFTC told the company’s petroleum subsidiary that it had been implicated in a scheme to offer to sell West Texas Intermediate crude oil at a price lower than current bids.

On April 12, the CFTC told Marathon Petroleum Co. LLC that it planned to recommend that the unit for...
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