Gasoline Trading Firms to Pay $50 Million to Settle California Market Manipulation Claims

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  • California AG Rob Bonta secured a $50 million settlement with two gasoline trading firms—Vitol Inc., and SK Energy Americas, Inc. and a related entity (collectively, “SK”)—to resolve allegations that the companies violated state competition laws by manipulating the market for gasoline after a refinery explosion.
  • The complaint alleged that following the 2015 explosion of a California refinery, Vitol and SK reached agreements with each other and third parties to manipulate gas prices on the “spot market”—a market in which gasoline is bought and sold for immediate or near-term delivery.
  • Under the terms of the settlement, Vitol and SK will pay $37.5 million for consumer redress and $12.5 million in civil penalties to the AG’s office, among other relief.
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