Oh for Christsakes ....
I didn't bother to read the "confrontation" that this thread is about , but small minded thinking and simple economics is why they can get away with the manipulation while the masses sleep thinking they've got it all figured out from an economics course.
Investigations like these are done for a reason.
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U.S. probes BP over crude, gas dealings
Whether markets were manipulated at heart of latest inquiries
Last Update: 10:54 AM ET Aug 29, 2006
LONDON (MarketWatch) -- The U.S. government has begun criminal and civil investigations into whether BP Plc manipulated U.S. crude-oil and unleaded-gasoline markets, as the British petroleum giant's chief executive is being forced to testify under oath about safety problems.
The world's second-largest publicly traded oil company, BP (BP : bp plc sponsored adr
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Last: 65.39-0.41-0.62%
9:38am 09/29/2006
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BP65.39, -0.41, -0.6%) (UK:BP: news, chart, profile) has acknowledged the investigations and said it's cooperating with U.S. authorities, The Wall Street Journal reported Tuesday. See Wall Street Journal story (subscription required).
A London-based BP spokeswoman wouldn't elaborate on the report but said she didn't see any mistakes in the article.
"We always assist regulators in trying to find out the facts and figures on how our business works," she said.
BP shares traded in New York were off 60 cents, or 0.9%, at $67.70 in early action, moving lower in line with most big oil stocks as crude prices tumbles below $70 a barrel.
Disclosure of the investigations comes as BP has been summoned before the House Energy and Commerce Committee to explain the recently discovered pipeline leak at its Prudhoe Bay, Alaska, operation that has indefinitely taken some 200,000 barrels a day of crude output off the market.
It also comes while BP is trying to recover from negative publicity stemming from a March 23, 2005, explosion and fire at its giant Texas City, Tex., refinery that killed 15 workers, injured 180 more and resulted in a record U.S. fine of $21.3 million for safety violations.
The Financial Times separately reported Tuesday that BP CEO John Browne will have to testify, because he had "unique and superior knowledge." BP told the newspaper it will appeal the decision made by a Texas state judge.
And BP already faces a civil complaint filed by federal commodities regulators for allegedly manipulating much of the U.S. market for propane.
BP's shares have slipped 2% this year, compared to a nearly 6% rise for rival oil giant Royal Dutch Shell (RDS.A : royal dutch shell plc spons adr a
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9:39am 09/29/2006
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RDS.A66.02, +0.01, +0.0%) (UK:RDSA: news, chart, profile) . BP's London-listed shares declined 0.3% in midday trading.
