Organization
Vitol
Energy trading firm; one of two firms the California Attorney General sued over spot gasoline prices.
- Wikidata
- Q687365
California Department of Justice suit over spot gasoline prices, filed May 2020
- Settled with California Department of Justice: $50M, $50 million settlement of allegations that Vitol and SK manipulated spot prices; Vitol said in 2024 that any allegations of wrongdoing by it were untrue and unfounded 12
Connections 2
settled with
- California Department of Justice 10 Jul 2024 $50M, $50 million settlement of allegations that Vitol and SK manipulated spot prices; Vitol said in 2024 that any allegations of wrongdoing by it were untrue and unfounded Primary record 12
involved in
- California v. Vitol and SK spot-market case defendant (said in 2020 the suit lacked merit) Primary record 34
Timeline 1 date
- 10 Jul 2024 Vitol settled with California Department of Justice
Proof 4 sources
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Attorney General Bonta Announces $50 Million Settlement with Vitol and SK as Part of Ongoing Enforcement Against Big Oil, California Department of Justice, 10 Jul 2024.
Primary record
announced a $50 million settlement with gas trading firms, resolving allegations that Vitol, Inc. (Vitol) and SK Energy Americas, Inc., along with its parent company SK Trading International (SK), secretly worked together to tamper with and manipulate spot market prices for California gasoline.
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Vitol, SK Settle California Fuel Rigging Probe for $50 Million, Bloomberg Law, 10 Jul 2024.
Scholarship & press
Any allegations of wrongdoing by Vitol are untrue and unfounded.
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Attorney General Becerra Announces Lawsuit Against Two Multinational Companies for Manipulating Gas Market, Costing Californians More at the Pump, California Department of Justice, 4 May 2020.
Primary record
took advantage of the market disruption following a February 2015 explosion at a gasoline refinery in Torrance, California to engage in a scheme to drive up gas prices for their own profit.
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California Sues Gasoline Trading Companies for Price Manipulation, CSP Daily News.
Scholarship & press
The combination of price manipulation and anti-competitive practices may have increased the price of gasoline by more than 1 cent per gallon, which could have raised $150 million in profits for the two companies, the lawsuit alleges.
In a statement, Vitol said the lawsuit “lacks merit.”
Page history 1 change
- Add 55 stories, each checked against its sources96e92fe6
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