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| BP fined $373m by US government | BP fined $373m by US government |
| (10 minutes later) | |
| The US Department of Justice has fined oil giant BP a total of $373m (£182m), for breaking environmental rules and committing fraud. | The US Department of Justice has fined oil giant BP a total of $373m (£182m), for breaking environmental rules and committing fraud. |
| The fines include $50m relating to a Texas refinery explosion in 2005 that killed 15 people and injured 180 more. | The fines include $50m relating to a Texas refinery explosion in 2005 that killed 15 people and injured 180 more. |
| That sum is the highest fine of its kind levied under the Clean Air Act. | That sum is the highest fine of its kind levied under the Clean Air Act. |
| The largest fine relates to a price manipulation scandal between April 2003 and February 2004, over which four ex-BP workers have also been indicted. | The largest fine relates to a price manipulation scandal between April 2003 and February 2004, over which four ex-BP workers have also been indicted. |
| "The tragic explosion at the Texas city refinery, and the pipeline leaks in Alaska, were sad reminders that our environmental laws exist both to protect the lives and safety of the public, and also to preserve our natural resources," said Acting Attorney General Peter Keisler. | "The tragic explosion at the Texas city refinery, and the pipeline leaks in Alaska, were sad reminders that our environmental laws exist both to protect the lives and safety of the public, and also to preserve our natural resources," said Acting Attorney General Peter Keisler. |
| "Businesses that ignore those laws and endanger their workers and communities must be held accountable. Today's announcement shows that they will be," he added. | "Businesses that ignore those laws and endanger their workers and communities must be held accountable. Today's announcement shows that they will be," he added. |
| Manipulation schemes | Manipulation schemes |
| Of the total fine, $303m relates to price-fixing charges for manipulating the propane market in 2004. It marks a record fine imposed by the Commodity Futures Trading Commission (CFTC). | Of the total fine, $303m relates to price-fixing charges for manipulating the propane market in 2004. It marks a record fine imposed by the Commodity Futures Trading Commission (CFTC). |
| The four former BP workers accused of "conspiring to manipulate and corner" the US propane markets were named as Mark David Radley, James Warren Summers, Cody Dean Claborn and Carrie Kienenberger. | The four former BP workers accused of "conspiring to manipulate and corner" the US propane markets were named as Mark David Radley, James Warren Summers, Cody Dean Claborn and Carrie Kienenberger. |
| They had been employed by a subsidiary of BP America. | They had been employed by a subsidiary of BP America. |
| BP has committed serious environmental crimes in our two largest states, with terrible consequences for people and the environment Environment Protection Agency | BP has committed serious environmental crimes in our two largest states, with terrible consequences for people and the environment Environment Protection Agency |
| BP America chairman Bob Malone said the firm would also look at ways of limiting further problems such as the explosion at the BP's Texas City refinery and the leakage of oil pipes in Prudhoe Bay, in Alaska. | |
| Mr Malone explained that the company would continue efforts to stop "another tragedy like Texas City". | Mr Malone explained that the company would continue efforts to stop "another tragedy like Texas City". |
| He added that BP also would make "the Prudhoe Bay pipeline corrosion programme more responsive to changing operating conditions and ensure that our participation in the nation's energy markets is always appropriate". | He added that BP also would make "the Prudhoe Bay pipeline corrosion programme more responsive to changing operating conditions and ensure that our participation in the nation's energy markets is always appropriate". |
| BP polluted a lake and land in Alaska after two oil leaks from the pipeline in March and August 2006. | BP polluted a lake and land in Alaska after two oil leaks from the pipeline in March and August 2006. |
| 'Terrible consequences' | 'Terrible consequences' |
| The government said that BP would be monitored by an independent body for three years to ensure that it complied with the terms of Thursday's agreement. | The government said that BP would be monitored by an independent body for three years to ensure that it complied with the terms of Thursday's agreement. |
| BP was warned that it would be prosecuted should it fail to fully comply with the terms of the agreement. | BP was warned that it would be prosecuted should it fail to fully comply with the terms of the agreement. |
| "BP has committed serious environmental crimes in our two largest states, with terrible consequences for people and the environment," the Environment Protection Agency said. | "BP has committed serious environmental crimes in our two largest states, with terrible consequences for people and the environment," the Environment Protection Agency said. |
| In pleading guilty to breaking the Clean Water Act, BP Exploration Alaska has agreed to pay a $12m criminal fine, $4m in community service payments to the National Fish and Wildlife Foundation (NFWF) plus $4m in criminal restitution to the state of Alaska. | In pleading guilty to breaking the Clean Water Act, BP Exploration Alaska has agreed to pay a $12m criminal fine, $4m in community service payments to the National Fish and Wildlife Foundation (NFWF) plus $4m in criminal restitution to the state of Alaska. |
| BP also agreed to a $25m payment to the US Postal Inspection Service Consumer Fraud Fund, and a civil penalty of $125m to the Commodity Futures Trading Commission. | BP also agreed to a $25m payment to the US Postal Inspection Service Consumer Fraud Fund, and a civil penalty of $125m to the Commodity Futures Trading Commission. |
| Overhaul | Overhaul |
| Earlier in the week the oil giant announced that quarterly profits slumped by 45% after problems at its production and refinery businesses. Profits at BP fell to $3.88bn (£1.89bn) for the three months to the end of September from $6.98bn a year earlier. | Earlier in the week the oil giant announced that quarterly profits slumped by 45% after problems at its production and refinery businesses. Profits at BP fell to $3.88bn (£1.89bn) for the three months to the end of September from $6.98bn a year earlier. |
| Oil and gas production for the period was 4% lower after temporary shutdowns at its Whiting and Texas City refineries. | Oil and gas production for the period was 4% lower after temporary shutdowns at its Whiting and Texas City refineries. |
| News of the fine comes after BP, under chief executive Tony Hayward, announced restructuring plans to overhaul the firm earlier this month in a bid to improve the firm's standing. | News of the fine comes after BP, under chief executive Tony Hayward, announced restructuring plans to overhaul the firm earlier this month in a bid to improve the firm's standing. |
| Mr Hayward assumed the leadership of the firm in May after former boss Lord John Browne resigned following a personal scandal. | Mr Hayward assumed the leadership of the firm in May after former boss Lord John Browne resigned following a personal scandal. |