BP Faces New U.S. Probe On Crude-Oil Manipulation

Law360, New York (August 29, 2006, 12:00 AM EDT) -- British Petroleum Plc. confirmed on Tuesday that it is under investigation over allegedly manipulating the U.S. crude oil and unleaded gasoline markets.

The world’s second largest publicly traded oil company acknowledged that the U.S. government has begun criminal and civil investigations, and said it was cooperating.

“We are aware of the investigation and we are fully cooperating with the regulators," said a London-based BP spokesman.

The Commodity Futures Trading Commission has sent subpoenas focusing on possible manipulation of the global over-the-counter market in 2003 and 2004...
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