BP hit by oil trading probe

[uscitizen]

BP hit by oil trading probe
Feds eye whether the oil giant manipulated markets for crude, unleaded gasoline.
August 29 2006: 1:38 PM EDT

NEW YORK (Reuters) -- U.S. federal investigators are examining whether BP Plc manipulated crude oil and unleaded gasoline markets, the company said on Tuesday.

BP (down $1.15 to $67.15, Charts) confirmed a report in The Wall Street Journal that an investigation was underway, but declined further comment.

"We are aware of the investigations and we are complying with requests [on the investigation], as we always do," a BP spokesman in London said.

The Journal said the federal investigations signal a rise in regulation of the major oil company. It cited lawyers and traders close to the case.

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

For the full story goto:
http://money.cnn.com/2006/08/29/news/international/bp.reut/index.htm?cnn=yes

 

[uscitizen]

Gas may be headed back near $2
Industry analyst sees prices between $2 and $2.50 by Thanksgiving.
August 30 2006: 9:47 AM EDT

NEW YORK (CNNMoney) -- The recent drop in prices at the pump could pick up steam, driving gasoline sharply lower in coming months.

For the full story goto:
http://money.cnn.com/2006/08/30/news/economy/gas_prices/index.htm?cnn=yes

Hmm, timing or connection ?

 

[Damocles]

I'm just glad that I'll be able to afford to drive my truck to work just in time for the winter weather! The motorcycle was not going to be fun.

 

[uscitizen]

Ahh but according to the article it sort of depends on hurricanes staying out of the gulf.

 

[uscitizen]

How many closed military bases have are we buiding new refineries on ?

 

[Damocles]

How many could we with the current restrictive laws?

 

[klaatu]

If this happens and sustains for a period of time .. watch the domino effect ... Housing will move again..... Watch for a drop in Interest rates as well ....

 

[klaatu]

Ahh but according to the article it sort of depends on hurricanes staying out of the gulf.

The Gulf "usually" gets hit in July/August. Sept. through Nov ..once again ..."usually" effects the East Coast. With El nino or nina or what ever ... and the Ocean temp. a couple of degrees lower than last year ... things are lookin good. I have my fingers crossed.

 

[uscitizen]

How many could we with the current restrictive laws?

does the EPA stuff apply to govt property the same ? And how would be easy for Bush if he wanted to do it, he has not been stopped on other questionable stuff like the constitution.

 

[Damocles]

does the EPA stuff apply to govt property the same ? And how would be easy for Bush if he wanted to do it, he has not been stopped on other questionable stuff like the constitution.

Actually most of the most restrictive laws are state specific and the Feds still have to follow those laws for the State in which the property is...

The only place where only Fed law holds sway is the District of Columbia.

 

[uscitizen]

I dunno the Chemical weapons bunkers down the road seem to be exempt.

 

[Damocles]

I dunno the Chemical weapons bunkers down the road seem to be exempt.

They would get an exemption from the State.

At least as far as I understand it. But the largest reason is that this would be a commercial venture, thus it wouldn't be the feds running it, thus it falls within the law of the State.

 

[uscitizen]

I figure considering the need for energy most states would be reasonable on the construction of the refineries. Personally I think they should located in the areas of highest consumption of gasoline to save on transportations costs and risks.

 

[Damocles]

I have no idea. I have yet to see one state create new laws on new refineries.

 

[uscitizen]

Me neither Damo, politics sucks . Just sittin on their fat arses, no real moves towards promoting increased energy independance either. I would fire the lot if I could.

 

[Damocles]

Me neither Damo, politics sucks . Just sittin on their fat arses, no real moves towards promoting increased energy independance either. I would fire the lot if I could.

No kidding. The idea that the "war on muslim terrorism" could be won in the laboratories seems foreign to them.

 

[uscitizen]

The less oil we buy from the ME the weaker the radical Islammic depending on that money become.

 

[Damocles]

The less oil we buy from the ME the weaker the radical Islammic depending on that money become.

Exactly. If I were President on 9/11/2001 one of the first things I would have done was to create the goal of energy independance in a decade. I would have funded it and gave incentives... It would have been a national priority. I also would have asked the citizens to curtail energy spending...

And the ads about the drugs funding terrorism would have been constantly running.

But heck, I'm not the President.

 

[uscitizen]

Exactly. If I were President on 9/11/2001 one of the first things I would have done was to create the goal of energy independance in a decade. I would have funded it and gave incentives... It would have been a national priority. I also would have asked the citizens to curtail energy spending...

And the ads about the drugs funding terrorism would have been constantly running.

But heck, I'm not the President.

Heck I would vote for ya

 

[Topspin]

weaker comment one of you smartes ever in imho usc.
And yet we have billions of barrells gone undrilled for domestically because of the turbo-lib moveon.org coallition.