Petroleum giant BP was threatened with a fine value $28 million (GBP18.2m) by the US energy regulator for allegedly manipulating the natural gas market in 2008.
The Federal Energy Regulatory Commission (FERC) alleges BP tried to raise the value of its gas contracts by manipulating the cost through bogus trades within the Houston Ship Channel - part of the Port of Houston - from around mid September through November 2008.
The news comes only a week following the FERC reached a resolution of $410 million (GBP270.8m) with JPMorgan against allegations it rigged the power market. Earlier this year BP and Shell's EU offices were also raided by the European Commission over alleged price fixing in the past ten years.
The prospective FERC fine for BP could also contain an added penalty of $ 800, 000 (GBP520, 715) in gains and in made interest the alleged trading The fine is considerably smaller than others that the FERC has pursued in the previous couple of months.
BP yet promises the allegations by the FERC are "without value" and that it means to fight against them.
Geoff Morrell, BP Vice President and Head of US Communications said: "The FERC bases its allegations on a recorded two minute phone conversation between a BP trainee and BP natural gas dealer the regulator has taken entirely out of context. The record doesn't support any claim of misconduct.
"In fact, the trainee involved in the dialog states that his characterisation was wrong along with the dealer never agrees with nor condones the trainee's statements. The dealer also responds strongly to the trainee's comments and interrupts him because the trainee's comments - as the trainee confesses in the call - are wrong and improper," he added.
BP has 30 days to cover the fine or challenge the order.
Last month the FERC also ordered four of its dealers and Barclays Bank to pay $ 453 million (GBP298m) for allegedly manipulating electricity costs in america.
To-day providers were criticised by MPs for explaining why bills are getting up and perhaps not helping customers comprehend how they perform.
Nevertheless she recognized there's space for improvement: “We know there's more to complete and trust does take time to rebuild. We shall continue to utilize government, clients and the regulator in addition to consumer groups to create things better.”
Ms Knight added: “We understand there has to be honest and open discussion between all parties and that clients comprehend their expenses likewise incorporate the price of the distribution system in addition to the social and environmental levies.”
The Federal Energy Regulatory Commission (FERC) alleges BP tried to raise the value of its gas contracts by manipulating the cost through bogus trades within the Houston Ship Channel - part of the Port of Houston - from around mid September through November 2008.
The news comes only a week following the FERC reached a resolution of $410 million (GBP270.8m) with JPMorgan against allegations it rigged the power market. Earlier this year BP and Shell's EU offices were also raided by the European Commission over alleged price fixing in the past ten years.
The prospective FERC fine for BP could also contain an added penalty of $ 800, 000 (GBP520, 715) in gains and in made interest the alleged trading The fine is considerably smaller than others that the FERC has pursued in the previous couple of months.
BP yet promises the allegations by the FERC are "without value" and that it means to fight against them.
Geoff Morrell, BP Vice President and Head of US Communications said: "The FERC bases its allegations on a recorded two minute phone conversation between a BP trainee and BP natural gas dealer the regulator has taken entirely out of context. The record doesn't support any claim of misconduct.
"In fact, the trainee involved in the dialog states that his characterisation was wrong along with the dealer never agrees with nor condones the trainee's statements. The dealer also responds strongly to the trainee's comments and interrupts him because the trainee's comments - as the trainee confesses in the call - are wrong and improper," he added.
BP has 30 days to cover the fine or challenge the order.
Last month the FERC also ordered four of its dealers and Barclays Bank to pay $ 453 million (GBP298m) for allegedly manipulating electricity costs in america.
To-day providers were criticised by MPs for explaining why bills are getting up and perhaps not helping customers comprehend how they perform.
Nevertheless she recognized there's space for improvement: “We know there's more to complete and trust does take time to rebuild. We shall continue to utilize government, clients and the regulator in addition to consumer groups to create things better.”
Ms Knight added: “We understand there has to be honest and open discussion between all parties and that clients comprehend their expenses likewise incorporate the price of the distribution system in addition to the social and environmental levies.”