In December, a lawsuit filed against the oil company BP for allegedly rigging the price of crude oil resulted in the U.S. Supreme Court striking down the company’s oil-rigging contracts with foreign refineries, including BP’s U.K. subsidiary, Noble.
But as the lawsuit neared completion, the company was ordered to pay fines of $15 billion by the U to the U of T. The suit also accused BP of rigging the pricing of gasoline, a charge that BP has vigorously denied.
The company has also admitted to having inflated the cost of crude, according to the suit.
While BP is not implicated in the scandal, it is the focus of the investigation.
“We are committed to working cooperatively with the U, in the court system, and with the public to ensure that justice is done for those who were wronged,” said a BP spokesman in an emailed statement.
“This case is about a series of transactions between Noble and a foreign oil company and not an investigation of BP’s conduct in the petroleum industry.”
BP also is facing a separate civil suit filed by the Environmental Working Group (EWG), a global environmental group that has long investigated BP’s oil and gas operations.
The EWW alleges that BP misled investors about its oil and natural gas reserves, and the company has denied the allegations.
“The oil and chemical companies’ own admission that they have rigged prices to benefit their bottom line and cover up their own misconduct has led to widespread fear among investors and the public that BP is in violation of the Clean Air Act and the U in general,” said an EWW press release issued this week.
“BP has a long track record of ignoring the safety and environmental implications of its conduct in a wide variety of ways.
We are committed, however, to taking this case to court to ensure transparency, accountability, and an honest public debate.”
As part of the probe, the EWW said it uncovered evidence that BP was planning to sell off oil reserves in the Middle East.
“For years, the oil industry has been in a desperate scramble to keep its share of the lucrative global oil markets,” said the EWS in a statement.
The lawsuit against BP, which alleges that the company engaged in “an elaborate scheme to defraud the public by artificially lowering the price charged for gasoline and other petroleum products, and thereby defrauding its customers and the country of billions of dollars,” has now been dismissed by the courts.
But the investigation into BP’s alleged rigging of the oil markets remains ongoing, according the EGW.