BP settles with CFTC
BP has agreed to pay a $303 million fine to the Commodity Futures Trading Commission (CFTC) and Department of Justice (DoJ) over alleged TET propane market manipulation in February 2004.
The CFTC says that it took “thousands of hours” of investigation to uncover BP’s misconduct in manipulating the TET propane market, which refers to propane that is deliverable at the TEPPCO storage facility in Mont Belvieu, Texas or anywhere within the TEPPCO pipeline system.
The TEPPCO pipeline is the only pipeline that transports propane from Mont Belvieu to the Northeast and Midwest regions of
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