BP unit accused of price manipulation

Detailed allegations by federal investigators that BP traders illegally manipulated propane prices in 2004 could hurt the oil and gas industry's image at a time when consumers and Congress are upset about soaring energy costs and record profits.

Executives from BP and other major oil companies have testified before Congress and stressed in TV interviews that today's sky-high prices for gasoline and other fuels are the result of market forces beyond their control. "Well, that's going to be a tough sell when you have headlines showing that they caught you manipulating the market," said Phil Flynn of Chicago-based Alaron Trading Corp.

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