BP threatened with $29m fine

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Regulators in the US have ordered BP to respond to allegations of market manipulation, threatening the oil major with fines of almost 
$29 million (£19m).

The Federal Energy Regulatory Commission (FERC) alleged that BP manipulated the natural gas market at the Houston Ship Channel between September and November 2008 and said the group has 30 days to reply.

BP spokesman Geoff Morrell said: “These allegations are without merit and we stand by what we previously disclosed publicly in February 2011 – that BP natural gas traders did not engage in any market manipulation in late 2008.

“BP is disappointed that the FERC has brought this action and we will vigorously defend against these allegations.”