California reached a $50 million settlement with three oil market trading companies targeted by the state for allegedly running up gas prices in 2015.
The settlement, announced by Attorney General Rob Bonta, involved Vitol, Inc., SK Energy Americas, Inc., and its parent company SK Trading International (SK).
Mr. Bonta sued the companies in May 2020 alleging they manipulated the market after a Torrance refinery exploded in February 2015, suppressing competition and driving up gasoline prices for consumers in the state.
“Petroleum companies should not get to reap mass profits out of the pockets of hard-working Californians through illegal market manipulation,” Mr. Bonta said in a press release July 10.
“Market manipulation and price gouging are illegal and unacceptable, particularly during times of crisis when people are most vulnerable.”
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California Settles Lawsuit Against Oil Companies for $50 Million
- by: Jill McLaughlin
- 2024-07-12
- Source:
The Epoch Times
- 07/12/2024
a mobil gas station sign next to a road by Yassine Khalfalli is licensed under Unsplash unsplash.com
a mobil gas station sign next to a road by Yassine Khalfalli is licensed under Unsplash unsplash.com
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