After almost nine years in courts, BP, ConocoPhillips, ExxonMobil, Shell, Chevron and Sinclair Oil have agreed to pay close to $23 million to retailers for the “hot fuel” problem. A federal judge in Kansas City, Kan., signed off on the settlement on Friday.
The oil companies were accused of knowingly overcharging customers when temperatures rose. Gasoline loses value when it heats up — the volume of the gas expands, but its fuel power remains the same — but prices were not changed to accurately represent the value.
The money will mainly go to reimbursing retailers for installing machines that adjust for temperature effects on fuel.