Total Accused of Manipulating U.S. Natural-Gas Market
Total Accused of Manipulating U.S. Natural-Gas Market
Nasdaq-Dow Jones Business News -- American regulators have accused French oil company Total SA of manipulating the price of natural gas in the U.S. southwest, the latest move in a widening crackdown on energy-market machinations.
From 2009 to 2012, the French company's Houston-based subsidiary made money-losing gas purchases intended to move prices in a way that helped it make money on other trading positions on at least 38 occasions, the Federal Energy Regulatory Commission said.
According to the regulators, the alleged scheme was conducted by traders on the Total Gas & Power North America West Desk, led by supervisors Therese Nguyen and Aaron Hall.FERC didn't reveal how much money it believed Total made from the trades, or whether consumer bills were affected.
The French oil company issued a written denial...
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