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More Companies Reach Hot Fuel Settlements

4/20/2012 12:00:00 PM
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Three more companies have agreed to settle lawsuits related to “hot fuel� — gasoline and diesel that is not adjusted by volume to account for temperature — the Kansas City Star reported.

Fuels expand in warmer months, lessening the energy value per gallon and raising the price to consumers, the Star reported in a series published in 2006.

Attorneys for fuel retailers Wal-Mart and its Sam’s Club subsidiary, Valero Energy Corp. and Casey’s General Stores Inc. told a federal court they have reached settlement agreements with plaintiffs who filed lawsuits over the issue, though a judge still has to approve the settlements, the Star reported.

Earlier this month, three oil companies — BP Products North America Inc., ConocoPhillips Co. and Shell Oil Products US — previously announced settlements in similar lawsuits.

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Emil Estafanous, CPA, CFF, CGMA