BP Amoco guilty plea expected in alleged market manipulation

| Wednesday, October 24, 2007

BP Amoco PLC is expected to pay more than $300 million for allegedly manipulating and cornering the U.S. propane market in 2004.

The Wall Street Journal reports that BP is also expected to plead guilty to criminal environmental charges in connection with a Texas refinery explosion that killed 15 people in 2005. The company still faces private lawsuits regarding the Texas City accident in March 2005; BP has set aside $1.6 billion for those claims.

BP is expected to pay a total of more than $350 million to avoid criminal prosecution – which is about a typical week’s worth of profits for the company.

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