Essay about Bp Green

951 Words Dec 26th, 2011 4 Pages
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authorities investigating the incident, has appointed an independent panel to review safety management systems and has taken steps to improve safety at refineries.

Which brings us to the latest black eye: charges that a BP unit manipulated propane prices in February 2004 to drive up prices and score a quick $20 million profit. According to a lawsuit filed in a Chicago federal court by the U.S. Commodity Futures Trading Commission, BP traders tried to corner the market for propane �with the knowledge, advice and consent of senior management.� This wasn�t the first time BP has been accused of price fixing. In 2003, the company paid a $2.5 million penalty to the New York Mercantile Exchange to settle charges of improper crude-oil trading (the firm didn�t admit or deny wrongdoing). BP has since fired some employees involved in the alleged propane scheme, though it maintains that �market manipulation did not occur,� and has vowed to fight the charges in court. Prevailing in the case could prove tough, however, since a former BP trader has pled guilty and is cooperating with prosecutors.

It's never a good time, of course, to be accused of price-fixing. But BP can especially not afford it now. Every month of record gas prices brings more pressure on Congress to impose a windfall tax on oil companies. BP�s chief executive, Lord John Browne, made a relatively modest $8.24 million last year, but his counterpart
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