Reuters is reporting this morning that the Federal Energy Regulatory Commission’s Office of Enforcement has ordered BP Plc to show cause why a unit of the British oil company should not be found to have manipulated the natural gas market and to pay a fine of $28 million and disgorge $800,000 plus interest. The agency alleges BP manipulated the next-day, fixed-price gas market at Houston Ship Channel from mid-September 2008 through November of that year.
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