BP Maintains Propane Trading was Legal

"BP maintained June 30 it did nothing illegal in regards to its US propane position in February 2004 and plans to contest the US Commodity Futures Trading Commission's lawsuit charging the petroleum giant with attempting to corner the propane market and manipulate prices.

The CFTC filed its case in US District Court for the Northern District of Illinois. The suit alleges BP at one time controlled up to 88% of the propane shipped and stored on the TEPPCO pipeline system in an attempt to corner the market and control the price for propane."

This article appeared in its entirety in the July 5, 2006 edition of Platts Oilgram Price Report.