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Market
What will be the outcome of Vitol and SK Trading International's business operations in California by end of 2025?
2
Resolution / Starting Odds
Vitol exits California market • 25%
SK Trading International exits California market • 25%
Both companies exit California market • 25%
Neither company exits California market • 25%
Company announcements, business reports, California state records
Story
Vitol and SK Trading International Settle California Gas Price Manipulation Case for $50 Million
Jul 10, 2024, 10:35 PM
Energy trading firms Vitol and SK Trading International have agreed to pay $50 million to settle allegations by California's attorney general that they manipulated the state's gasoline market. The lawsuit, which was lodged in May 2020, accused the companies of colluding to raise gas prices, causing consumers to pay higher prices. The settlement resolves claims that the firms secretly worked together to tamper with and manipulate spot market prices for California gasoline. California Attorney General Rob Bonta announced the settlement on July 10, 2024.
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Similar markets
Yes • 50%
No • 50%
Yes • 50%
No • 50%
Yes • 50%
No • 50%
Yes • 50%
No • 50%
Yes • 50%
No • 50%
CARB Regulations • 25%
Market Fluctuations • 25%
Supply Chain Issues • 25%
Other Factors • 25%
Against another energy trading firm • 25%
Against a tech company • 25%
Against a financial institution • 25%
Against another type of entity • 25%
Logistics hub • 25%
Residential development • 25%
Commercial space • 25%
Other • 25%
Increased gas prices • 25%
Decreased gas prices • 25%
No significant change • 25%
Refinery closures • 25%
