on Wednesday announced a $50 million settlement over allegations that two gasoline trading firms secretly worked together and manipulated prices on the spot market for gasoline in Southern California in 2015.
The dispute dates back to a lawsuit filed in May 2020, when the state accused Vitol and SK of taking advantage of market conditions after an explosion at a refinery in Torrance knocked off about 10 percent of the state’s gasoline supply. The lawsuit claimed the companiesCrime and Public Safety |Heads up, drivers: California and 6 other states will pump up gas taxes on July 1
The Union-Tribune reached out to Vitol and SK to comment on the settlement but did not receive responses from either company by 5 p.m. Wednesday. In the agreement, there is no admission by Vitol or SK of legal wrongdoing. Once that is done, a process will be put in place to notify customers how to file claims and access their respective shares of the $37.5 million payout. According to the settlement, notifications will include sending postcards to households and posting a link where customers can fill out claims.
Taking those factors into consideration, “the negotiated Settlement represents the best outcome for consumers,” the Attorney General’s Office said. SB X1-2 requires refineries to report maintenance schedules in advance and provide daily reports on the market and imports. In addition, the legislation gives the California Energy Commission authority to penalize oil companies if they exceed a “maximum gross refining margin.”
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