Post by taxed on Jul 7, 2006 8:42:13 GMT -6
It looks like an oil company has finally gotten caught with their hands in the cookie jar. BP has been accused (by some of their own executives - if you can believe that) of buying 90% of Americas propane FY 2004. Then witheld fuel to act as if there was a shortage. Direct from a press release:
The Commodity Futures Trading Commission said Wednesday that BP traders — with the consent of senior management — “purchased enormous quantities of propane to establish a dominant” position in the market and then withheld fuel in order to drive prices higher.
On another note - do you know that gas and natural gas inventory is so full that oil companies are shutting down wells? Sounds like supply and demand has gone awry.
I guess it helps to have a former oil man in the White House. That is - if you are an oil man.
The Commodity Futures Trading Commission said Wednesday that BP traders — with the consent of senior management — “purchased enormous quantities of propane to establish a dominant” position in the market and then withheld fuel in order to drive prices higher.
On another note - do you know that gas and natural gas inventory is so full that oil companies are shutting down wells? Sounds like supply and demand has gone awry.
I guess it helps to have a former oil man in the White House. That is - if you are an oil man.