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Trade Officials Accuse BP Amoco of Manipulating West Coast Oil Prices.(Knight Ridder/Tribune Business News)
Knight Ridder/Tribune Business News, February, 2000 by Whitney, David
Feb. 5--WASHINGTON--In laying out the court case the Federal Trade Commission expects to file today to stop BP Amoco's proposed takeover of Atlantic Richfield Co., commission staffers attacked BP for exporting North Slope oil.
The FTC claims that through the exports BP is already manipulating West Coast oil prices, a problem the antitrust agency said would worsen if the company controlled 72 percent of the North Slope's production after its combination with Arco.
Arco is being "bought by a firm who has found it in its interests to ship oil offshore and to short the market and keep prices up," said Richard G. Parker, director of the FTC's competition bureau. "That's a problem."
BP exports about 8 percent of the North Slope production of 1.1...
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