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Senator seeks probe into impact of alleged EU oil price manipulation

The chairman of the Senate's energy committee asked the Justice Department on Friday to investigate whether alleged price manipulation by three oil companies in Europe has boosted fuel prices for U.S. consumers."Efforts to manipulate the European oil indices, if proven, may have already impacted U.S. consumers and businesses, because of the interrelationships among world oil markets and hedging practices," Senator Ron Wyden, the chairman of the Senate Energy and Natural Resources Committee, wrote in a letter to Attorney General Eric Holder.European anti-trust investigators raided the offices of Statoil, Royal Dutch Shell and BP on Tuesday in search of evidence of possible price manipulation on oil markets.Wyden asked the Justice Department to also investigate whether oil market manipulation was taking place in the United States.(Reporting by Timothy Gardner; Editing by Ros Krasny and Carol Bishopric)...

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  1. Oil pricing probe widens, Britain pledges tough action

    Oil companies will face the full force of the law if they manipulated prices, Britain's energy minister said on Wednesday as a rating agency warned of massive fines ...

  2. EU oil price probe puts Platts in spotlight

    A European investigation into alleged price rigging by major oil companies has drawn attention to leading price agency Platts and the way it sets oil price benchmark...

  3. Crude Futures Head Down as Inventories Soar

    Oil futures were down in London trading Wednesday as demand continues to be weak in Europe and China, and stockpiles stack up.At 0922 GMT, the June contract for ICE ...

  4. Brazil's First Oil Auction in Five Years Draws Record Bids

    Brazil saw record bidding at its first oil auction in five years Tuesday as the growing promise of oil finds along the equator attracted huge interest in exploration...

  5. BG Group 'Satisfied' After Winning 10 of 12 Brazil Exploration Blocks

    BG Brasil, the local unit of BG Group PLC (BG.LN), won 10 of the 12 offshore oil and natural gas exploration blocks the company bid for in a hotly contested auction,...

  6. Eni Questioned in EU Price-Fixing Probe

    Eni SpA (E), Italy's biggest energy company by market value, Tuesday said it had received a request for information from the European Commission as part of a price-i...

  7. Eni Says European Commission Has Asked for Information

    Eni SpA (E), Italy's biggest energy company by market value, Tuesday said it had received a request for information from the European Commission as part of a price-i...

  8. Turkey's State Oil Company To Develop Oil Projects In Kurdistan With Exxon -Erdogan

    Turkey's state-run oil firm has struck an agreement with U.S. oil giant Exxon Mobil Corp. (XOM) to develop joint projects in Kurdish-administered northern Iraq, the ...

  9. Three Oil Companies Raided in EU Price-fixing Probe

    European antitrust authorities raided the offices of at least three oil companies in three countries on Tuesday as part of an investigation into suspicions of price-...

  10. EU probes oil majors on price manipulation

    European authorities have raided offices of oil majors Shell, BP and Statoil as part of a probe into suspected manipulation of oil prices, one of the biggest cross-b...

  11. EU investigates Statoil, others on oil market pricing

    The European Commission said on Tuesday it was investigating major oil companies over suspected anti-competitive agreements related to submission of prices to report...

  12. BP says is subject to European Commission investigation

    BP said on Tuesday it is one of the companies being investigated by the European Commission.Major oil companies are being investigated over suspected anti-competitiv...

  1. Total CEO: Unlikely Probed Oil Firms Involved in Alleged Price Rigging

    The head of French oil company Total SA (TOT) said Friday he believed the companies being investigated as part of a European Commission probe into alleged oil-price ...

  2. UK Serious Fraud Office: "Urgently Reviewing" Matter

    The U.K.'s Serious Fraud Office said Friday it is "urgently reviewing" whether it has the authority to investigate allegations of price fixing in the oil market.The ...

  3. Ohio's well data shatters shale oil hopes

    U.S. hopes for a new shale oil bonanza in Ohio, joining the prolific Bakken and Eagle Ford plays that have raised production to 20-year highs, were shattered on Thur...

  4. LONDON MARKETS: FTSE 100 Ends 10-day Winning Streak

    The U.K.'s benchmark index ended a 10-day winning streak on Thursday, hurt by oil stocks declining in the wake of a European Commission probe into alleged oil-price ...

  5. Platts in lockdown as investigators continue oil probe

    European anti-trust investigators on Thursday searched the offices of price agency Platts and at least one major oil company for a third day, hunting for evidence of...

  6. Chevron, YPF Sees Argentina as Possible Shale-Oil Pioneer

    Just as U.S. companies have revolutionized the global shale-gas industry, businesses working in Argentina have the opportunity to set new standards in shale-oil prod...

  7. Moody's says EU Oil Price Probe 'Creates Uncertainty'

    A European Commission antitrust probe, which carried out raids this week in three European countries as part of an investigation into possible manipulation of oil pr...

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