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Marathon to pay $1M oil price manipulation fineMarathon Oil will pay a civil penalty to settle charges that it attempted to manipulate crude prices in 2003, according to the Commodity Futures Trading Commission.NEW YORK (CNNMoney.com) -- Marathon Oil Corp. agreed to pay a $1 million fine to settle charges that its Marathon Petroleum Company subsidiary attempted to manipulate crude oil prices in 2003, the Commodity Futures Trading Commission announced Wednesday. The commission said it issued an order requiring Marathon to pay the penalty for attempting to manipulate a price of spot cash West Texas Intermediate crude oil which was delivered in Cushing, Oklahoma on November 26, 2003. The commission says Marathon attempted to drive down the Platts market assessment for spot cash, which is used as the price of crude oil certain transactions. As a net purchaser of foreign crude oil, Marathon (down $0.74 to $54.46, Charts, Fortune 500) would have benefited if it successfully sent the crude price lower. |
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