BP Faces $29M In FERC Fines For Gas Market Manipulation

Law360, New York (August 5, 2013, 3:35 PM EDT) -- The Federal Energy Regulatory Commission on Monday ordered BP PLC to show why it shouldn't be penalized nearly $29 million for allegedly manipulating the natural gas market in Texas in 2008.

The commission slapped the energy giant with a show cause order after its enforcement staff accused BP of manipulating the next-day, fixed-price gas market at the Houston Ship Channel — part of the Port of Houston — from September to November 2008 in order to boost its financial position at that location. FERC staff proposed...
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