US probe into BP trading expands

Fix energy prices until 30th September 2017

Looking to switch your business energy supplier? Click here

Use our OFGEM accredited comparison tool to compare the whole market today.

US officials have broadened their probe into BP's commodity trading activities.

A regulatory filing made by BP revealed that the US Department of Justice (DoJ) has joined the US Commodity Futures Trading Commission in looking into the group's trading activities. It is researching the company's oil trading and storage activities going as far back as 1999.

Previously BP had said that just the CFTC was carrying out an investigation, with probes going back only as far as 2002.

The energy company said that it was cooperating with "various formal and informal requests for information".

BP has previously been hit with a $100,000 fine from the CFTC, after one of its traders was accused of being involved in "wash trades" in 2000. It has previously been the subject of three probes in the US since June 2006 for allegedly manipulating propane, crude oil and petrol prices between 2002 and 2004.

Click here to run an energy price comparison, and see if you could be paying less for your gas and electricity.

Found this page interesting?

Help spread the word and share this page with your friends and family on your social networks.