San Diego, CA
Two companies agree to pay $50M over allegations they manipulated California gas prices
The California Attorney General’s Office 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 agreement is scheduled to go before San Francisco Superior Court Judge Y.S. Cheng on Aug. 2 to be finalized.
Pending the judge’s approval, the settlement wraps up four years of litigation between the Attorney General, Dutch multinational energy and commodity trading company Vitol, Korea-based SK Energy Americas and SK’s trading arm.
During that time, more than 2 million documents were exchanged and some 50 depositions were submitted among the parties.
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 companies engaged “in a scheme to drive up gas prices for their own profit” by suppressing competition within the gas market, thus driving up prices for consumers.
The lawsuit accused Vitol and SK of trading small amounts of gasoline at high prices, with the intention of causing a spike in the prices of large volumes of gas sold in California’s fuel market.
Under the terms of the agreement, Vitol and SK will pay $12.5 million in civil penalties under California’s Unfair Competition Law and $37.5 million to the Attorney General’s office. Both companies no longer operate in the California gasoline trading market.
“Market manipulation and price gouging are illegal and unacceptable, particularly during times of crisis when people are most vulnerable,” Attorney General Rob Bonta said in a statement.
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.
The Attorney General’s Office said the inflated price of retail gas affected 10 counties in Southern California — including San Diego County — between Feb. 20 and Nov. 10, 2015. Under the settlement, customers who purchased gas during that period may file a claim to receive a portion of the $37.5 million paid by Vitol and SK.
According to the Attorney General’s Office, the $37.5 million is currently sitting in escrow and can be tapped when and if the judge OKs the agreement.
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.
The $12.5 million in civil penalties will go to a fund that supports the Unfair Competition Law, which includes paying the legal fees associated with bringing the case against Vitol and SK.
Over the course of the lawsuit, one expert called by the Attorney General’s Office estimated the higher price in gasoline attributed to Vitol and SK in 2015 came to $127.8 million.
But the AG’s office said in the legal agreement that “a number of challenges and unsettled legal issues” could potentially reduce the monetary liability that Vitol and SK faced. The office cited the “difficulty of piecing together the actions of individuals nine years ago” and the “inherent risk of putting on a jury trial.”
Taking those factors into consideration, “the negotiated Settlement represents the best outcome for consumers,” the Attorney General’s Office said.
The high cost of gasoline has long been a hot political topic in California, most recently after drivers saw the average price of a gallon of regular soar past $6 during spikes in 2022 and 2023.
With the prodding of Gov. Gavin Newsom, the Legislature last year passed Senate Bill X1-2.
Hailed by the governor’s office as the “nation’s first price gouging law,” SB X1-2 created the Division of Petroleum Market Oversight to monitor the state’s crude oil and gasoline companies.
The division’s director issued a statement after Wednesday’s settlement was announced.
“When oil companies manipulate markets to line their own pockets, California will hold them accountable, and I commend my former colleagues in the Department of Justice on seeing this landmark case through to a successful conclusion,” Tai Milder 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.”
The details of what will trigger the penalty — the first of its kind in the U.S. — and when it will be enforced are still being worked out.
Letter to the Editor: Apartment Vacancy Rates Paint an Incomplete Picture
By David Malcolm | Voice of San Diego
In last Saturday’s “Politics Report,” Will Huntsberry tackled the thorny issue of apartment vacancy rates (apparently the highest in this century) and the impact on affordability. He also correctly wrote that the city of San Diego needs “strategies beyond build, build, build.”
What’s Really Happening
My company owns and operates apartment rental complexes in San Diego County (San Marcos, Encinitas, La Jolla, El Cajon and South Bay) and in Temecula (Riverside County). Here is what we are seeing.
Base rents are stable … but offers of two months’ free rent are common. That is a de facto 16.7 percent reduction on annualized rents. Reducing base rents is not possible in the face of rent control measures and, even more importantly, bank loan covenants. Thus, concessions like two months’ free rent are not hard to find.
Read more
New study shows promising step forward in improving Parkinson’s treatment
by Nicole Abrams | Times of San Diego
A small molecule was found to increase the benefits and reduce the side effects of the standard drug for Parkinson’s disease, according to a new study from UC San Diego startup called Sinopia Biosciences.
L-dopa or levodopa is the main treatment for Parkinson’s disease, but its benefits wane over time and can cause involuntary movements called dyskinesia. About 90% of patients with Parkinson’s disease develop dyskinesia in 9 or more years of using L-dopa, and 70% develop motor fluctuations in 9 or more years of using the drug, according to the study.
Read More
San Diego, CA
EXCLUSIVE: Ignition Press Welcomes eBay Live & Revenge Of to San Diego Comic-Con Ignition Pavilion
The Ignition Press – Ignition Pavilion is leveling up in a big way for San Diego Comic-Con this year.
Following last year’s successful debut, Ignition Press is expanding its offsite with several major new partners, transforming the Ignition Pavilion into a hub for comics, collectibles, livestream shopping, food, and drinks. The free experience at the San Diego Wine & Culinary Center (200 Harbor Dr.) will now feature activations from eBay Live and Revenge Of, alongside the return of Seven Seas Roasting Company and several new fan experiences.
One of the biggest additions this year is a dedicated eBay Live selling lounge, where livestreams will broadcast throughout the convention, bringing Comic-Con to fans around the world.
Stop by throughout the week to find live sketches and signings with comic legends Bill Sienkiewicz (hosted by Big Clutch) and Jim Lee (hosted by ANZ Collects), while Storage Wars star Rene Nezhoda will showcase a rare PSA-pedigreed collection of vintage, Silver Age, and Bronze Age comics.
Fans can also tune in for the debut of an exclusive DC x eBay Live Absolute Batman & Absolute Catwoman connecting cover, shop signed Ignition Press SDCC exclusives, rare comics, and other collectibles, and catch appearances from fan-favorite creators and influencers throughout the weekend.
The Pavilion also welcomes Los Angeles lifestyle brand Revenge Of, making its San Diego Comic-Con debut with a curated comics and pop culture experience, while its sister company, FTB.Design, is handling the Pavilion’s production design.
“Both eBay Live and Revenge Of TV are going to give both fans onsite and at home the opportunity to get in on special programming and chances to get SDCC exclusive merchandise,” said Creative Director Jeremy Haun. “We’re doing something new, big, and different here at the Ignition Pavilion. You’re not going to want to miss it.”
Coffee lovers can once again grab a free drink from Seven Seas Roasting Company between 12pm-4pm, Thursday through Sunday, by signing up for the Ignition Insiders newsletter. The first 200 fans each day can redeem a voucher for coffee, espresso drinks, chai, or tea.
Later each afternoon (Thursday-Saturday, 5pm-7pm), the coffee bar transforms into the Ignition Pavilion Happy Hour, serving themed cocktails, beer, wine, mocktails, and complimentary drink tickets with qualifying purchases. Fans can also preorder a limited-edition bottle of Ignition Proof Rum, created in partnership with Los Angeles distillery The Obscure.
The Ignition Pavilion is free and open to the public at the following times:
- Wednesday, July 22: 5:00pm-9:00pm
- Thursday, July 23: 12:00pm-8:00pm
- Friday, July 24: 12:00pm-8:00pm
- Saturday, July 25: 12:00pm-8:00pm
- Sunday, July 26: 12:00pm-6:00pm
Karepango, the colorful and unapologetic brand that aims to bring a smile in the most unexpected time, is coming to Comic-Con to spread joy, and give attendees the chance to show the world they are imperfect, yet still proud.
Find them at booth #5034, located in the Hall G area of the convention center, and will have dozens of their classic bestsellers, recent products and even a brand new exclusive (and very limited) shirt.
All purchases will receive free gifts, with an extra special gift for purchases over $100.
All clothing is available in sizes XS through 2XL, but in limited quantities per size.
Let’s get shopping:
Have A Good Day Shirts – $48
Limited to 75 pieces
Purple or brown with front and back printing
100% Cotton Knit Sweaters – $88
Oversized and pre-shrunk
100% Cotton T-Shirts – $48
Various Designs
Oversized and pre-shrunk
Tote Bags, Plush Bags, Puffy Bags, IRO Bags, All Sorts of Bags – $28-$45
Various designs
Drink Holders, Mesh Pouches, Nylon Pouches, Headbands, Blind Box Toys, Plush Trinkets – $15-$25
Various designs
Caps, Bucket Hats, Plush Hats, Beanies – $28-$30
Various designs
Bags, Plush, Rugs, Scarves – $50-$80
Various designs
Stickers, Socks, Pins, Air Fresheners – $4-$15
Various designs
Seek and ye shall find:
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