• 3 days Retail On Pace For Most Bankruptcies And Store Closures Ever In One Year: BDO
  • 10 minutes America Could Go Fully Electric Right Now
  • 5 days Majors Oil COs diversify into Renewables ? What synergies forget have with Solar Panels and Wind Tirbines ? None !
  • 31 mins Rethinking election outcomes for oil.
  • 4 hours The Leslie Stahl/60 Minutes Interview with President Trump
  • 12 hours China leaders meet to discuss proposed 5 year economic plan.
  • 22 hours Clean Energy Is Canceling Gas Plants
  • 15 hours The City of Sturgis Update on the Motorcycle Rally held there, and the MSM's reporting hence
  • 17 mins Australia’s Commodities Heartland Set for Major Hydrogen Plant
  • 16 hours Saudi Oil Minister Abdulaziz said getting rid of oil "Far Fetched and Unrealistic". . True. . . but
  • 25 mins Video Evidence that the CCP controls Joe Biden
  • 2 hours Biden calls President Trump George . . . He confused Trump with George Bush. Folks this is scary.
  • 15 hours Irina Slav has a good article - Regarding Investors & Oil
  • 17 hours America's Frontline Doctors - Safely Start Living Again!
  • 17 hours Conoco Pledges ‘Net-Zero’ Emissions in Break With U.S. Rivals
  • 2 days OP article : "Trump blasts Biden Fracking Plan . . . "
  • 2 days GAME CHANGER: MIT Startup Commonwealth Fusion says Commercial Product by early 2030s ! THIS CHANGES EVERYTHING..
  • 2 days Biden denies fracking ban
Will U.S. Elections Impact The Gold Rally?

Will U.S. Elections Impact The Gold Rally?

Gold prices have soared this…

Wall Street’s Big Coronavirus Mistake

Wall Street’s Big Coronavirus Mistake

The coronavirus has wreaked havoc…

Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Premium Content

Energy Price Rigging Lands Record Fine for Barclays

Barclays (LON:BARC) has been fined $453 million and four of the bank’s traders have been separately fined $18 million for energy price rigging in the Western US between 2006 and 2008.

This is a record fine levied by the US Federal Energy Regulatory Commission (FERC) for energy market manipulation.

Trader Scott Connelly was fined $15 million, while Karen Levine, Ryan Smith and Daniel Brin were fined $1 million each. The four traders have now left Barclays.

FERC has also ordered Barclays to give up $34.9 million in profits to dole out to programs that assist low-income homeowners to pay their energy bills in the states of California, Arizona, Oregon and Washington—where energy markets were manipulated.

Related article: Syrian War Causes Oil Market Jitters

Barclays continues to deny the allegations, but the FERC ruling calls for the fine to be paid within 30 days.

“We believe that our trading was legitimate and in compliance with applicable law,” Barclays said in a 16 July statement. “We intend to vigorously defend this matter.”

Specifically, FERC says the traders made transactions in fixed-price products at a loss in order to purposefully move an energy index to benefit the bank’s own speculative trading. This manipulation is said to have caused $139 million in damage to the energy market, for which the financial burden rested with consumers in those states affected.

Last year, Barclays was fined £290 million by UK and US regulators for attempting to rig the interbank lending interest rate, LIBOR.

By. Charles Kennedy of Oilprice.com


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News