Tuesday, August 29, 2006

BP Can't Get It Right

BP is now being accused of manipulating the crude oil and gasoline markets in addition to the natural gas accusations already leveled at them:

U.S. federal investigators are examining whether BP Plc (BP.L) manipulated crude oil and unleaded gasoline markets, the company said on Tuesday. BP confirmed a report in the Wall Street Journal that an investigation was underway, but declined further comment.

BP already faces allegations from the U.S. Commodity Futures Trading Commission that it manipulated the U.S. propane market in 2004.

U.S. Congress has also summoned the oil major next week over the shutdown of around half the output at its 400,000 barrels per day Prudhoe Bay oilfield in Alaska. Prudhoe is the largest oilfield in the United States.

Jeez. Incidentally, why is congress sticking its nose into the Prudhoe Bay incident? When Ford or GM miss production targets, no one seems to care. That really was a rhetorical question; the real reason congress cares is because they're on the "Big Oil Is Evil" bandwagon right now, and are pandering to the ignorant public. Populism reigns supreme.