US: Gas price probe stunted by data fight

As the US looks to probe allegations of global oil price-fixing, reports say the investigation is halted due to a legal fight of the disclosure of records.

US authorities are probing oil giants Royal Dutch Shell, Vitol Group and Plains All American Pipeline, as well as Morgan Stanley, over the allegations that are also under watch by EU regulators. But the defendants are reportedly issuing a legal fight to prevent US authorities from using a trove of documents in a legal fight against oil traders.

Reports say US authorities will likely be supported by the Commodity Futures Trading Commission in using the information; the CFTC is in the midst of a six-year investigation into the oil market.

EU authorities opened their own investigation into the Brent oil benchmark, which sets oil prices for about half of the world’s crude oil, including much of the oil in the US. The European Commission raided Platts price reporting agency offices last spring.

Also being investigated by EU and US authorities are BP, Statoil, and others.

Full Content: E&E Publishing

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