Surprise! Big Oil found manipulating the price

And the bigger surprise is, it's BP.

Detailed allegations by federal investigators that BP traders illegally manipulated propane prices in 2004 could hurt the oil and gas industry's image at a time when consumers and Congress are upset about soaring energy costs and record profits.

The Commodity Futures Trading Commission said Wednesday that BP traders — with the consent of senior management — "purchased enormous quantities of propane to establish a dominant" position in the market and then withheld fuel in order to drive prices higher.

Details of the alleged scheme, compiled with help from internal company documents and recorded conversations, were outlined in a civil lawsuit the CFTC filed against BP Products North America Inc., a Warrenville, Ill.-based unit of London-based BP PLC.

BP denied any wrongdoing, but a former employee admitted taking part in a conspiracy and agreed to cooperate with criminal prosecutors.

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Earlier this week, a group of prominent black leaders including the Revs. Jesse Jackson and Al Sharpton announced a boycott of BP, saying the company gouges consumers and racially discriminates in its business practices. The company was targeted, Jackson said, because none of its upper-level executives are black and there are no black owners among its hundreds of U.S. distributors.