BP faces £18m fine from US

Suzie Neuwirth
THE US Federal energy regulator yesterday gave oil giant BP 30 days to explain why it should not be fined $28m (£18.2m) and give up $800,000 plus interest in profits for manipulating the natural gas market.

The Federal Energy Regulatory Commission said that BP traders had suppressed gas prices “with the goal of increasing the value of BP’s financial position” from mid-September to November 2008.

“These allegations are without merit,” said a BP spokesperson.