BP facing oil and gas probe

NEW YORK (Reuters) – Federal investigators are examining whether BP (BP.L) manipulated crude oil and unleaded gasoline markets, according to a report in The Wall Street Journal on Tuesday that cited lawyers and traders close to the case.

BP confirmed the investigations, but declined further comment. “We are aware of the investigations, but we are not going to comment on the specifics,” a BP spokesman in London said.

The Journal said the federal investigations signal a rise in regulatory scrutiny of the major oil company.

The newspaper said BP, which has been summoned before Congress next week over problems at its Alaska pipelines, already faces a civil complaint filed by federal commodities regulators for allegedly manipulating much of the U.S. market for propane.

Reuters