FERC Staff's Post-Hearing Reply Rebuts Every BP America et al. Defense of its Suspect Trading Practices at Houston Ship Channel; BP's Answer, This is a Wild Goose Chase

摘要

Enforcement Staff v. BP. A post-hearing reply brief made public by FERC Staff on June 12 states that BP America Inc. and its affiliates (IN13-15) failed to rebut staff’s proof of a manipulative scheme by ignoring large portions of the hearing testimony and critical sections of pre-filed rebuttal testimony. "Rather than address the overwhelming evidence confirming the outline of the scheme on the recorded call," the lengthy staff summation charged, BP instead relies upon portions of answering testimony discredited at the hearing and makes many unsupported claims without record citations. "Nor does BP address that, despite steady feedback showing their next-day fixed-price trading patterns in the Investigative Period (IP) were consistently losing money, the Texas team persisted in these trading patterns - and even increased their net long baseload positions (while increasing the benefiting financial positions) for each month of the scheme."