BP FACING PRICE FIXING CHARGES

Chalk on up for the consumer.......maybe

BP faces US energy price-fixing charges
By Jeremy Grant in Washington

Published: June 29 2006 03:00 | Last updated: June 29 2006 03:00

BP was facing allegations of price manipulation last night after a US watchdog filed a civil suit against the UK-based group accusing it of cornering a significant portion of the propane market used by millions of Americans.

Dennis Abbott, a former BP energy trader, pleaded guilty to federal charges of conspiracy to manipulate prices and could face up to five years in prison.

If found guilty, BP could have to pay restitution to potential victims as well as fines up up to $120,000 per violation.

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