I know, I know... I missed a day of news (another system crash from A.O.HELL!!!) sorry about that. Today, I went out and got the Wall Street Journal and I came upon another BP story. I'm begining to feel sorry for those poor guys. First off, I think the CEO is great. BP, along with their energy traders were issued a subpoenas. They are facing a possibility of being involved in a price manipulation of the crude oil and gasoline markets within the last two years. Basically, the company is being accused of inside trades on products that don't exist on the exchanges or marketplaces that regulators such as The Commodity Futures Trading were somehow blindsighted to these illegal deals. Next week, BP will face even more pressure by meeting with Canadian and American (Alaska) congress to discuss what exactly led to the shutdown of Prudhow Bay oilfield (which I explained in an earlier post, that they had an oil leak BLAB BLAB BLAB) The company has a history of legal pressure. In 2003, BP payed $2.5 million to the New York Mercantile Exchange due to corrupt crude-oil trading. Also, in 2001 and 2002 BP faced 10 oil violations. Poor, BP... I think they will comeback under a good CEO which they have. The company has a unique sense of style (their gas stations are clean and they seem to do everything neat aside from the stations; BP makes gas seem like gold). Although its just an update... I originally meant for Microsoft Zune to be the top story but somehow it ended up down there with the other articles... Will BP ever survive the pressure, BLAB ON ... LEAVE A COMMENT PEOPLE, love to hear from you guys.
Tuesday, August 29, 2006
BP bound for PRESSURE
I know, I know... I missed a day of news (another system crash from A.O.HELL!!!) sorry about that. Today, I went out and got the Wall Street Journal and I came upon another BP story. I'm begining to feel sorry for those poor guys. First off, I think the CEO is great. BP, along with their energy traders were issued a subpoenas. They are facing a possibility of being involved in a price manipulation of the crude oil and gasoline markets within the last two years. Basically, the company is being accused of inside trades on products that don't exist on the exchanges or marketplaces that regulators such as The Commodity Futures Trading were somehow blindsighted to these illegal deals. Next week, BP will face even more pressure by meeting with Canadian and American (Alaska) congress to discuss what exactly led to the shutdown of Prudhow Bay oilfield (which I explained in an earlier post, that they had an oil leak BLAB BLAB BLAB) The company has a history of legal pressure. In 2003, BP payed $2.5 million to the New York Mercantile Exchange due to corrupt crude-oil trading. Also, in 2001 and 2002 BP faced 10 oil violations. Poor, BP... I think they will comeback under a good CEO which they have. The company has a unique sense of style (their gas stations are clean and they seem to do everything neat aside from the stations; BP makes gas seem like gold). Although its just an update... I originally meant for Microsoft Zune to be the top story but somehow it ended up down there with the other articles... Will BP ever survive the pressure, BLAB ON ... LEAVE A COMMENT PEOPLE, love to hear from you guys.
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