Friday, August 3, 2007

Manipulation of Oil Markets

Tip of the iceberg:
Marathon to Pay $1M Fine in CFTC Case

Marathon Oil Corp. will pay a $1 million fine to settle allegations that it tried to manipulate the price it paid for crude oil in late 2003 to help boost profits, federal regulators said Wednesday.

The Commodity Futures Trading Commission said Houston-based Marathon tried to influence the price of crude imported to Cushing, Okla., in November 2003. The case was the agency's first involving charges of attempted price manipulation of oil since 1979....

From Forbes