Chevron, Exxon cause gas price to spike
Spot prices for gasoline jumped in California on Monday after San Ramon-based Chevron shut a Central Valley oil pipeline and Texas-based Exxon Mobil lost power at a Southern California refinery.
Spot, or current, prices for gasoline soared 30 cents to 75 cents above the future prices for the fuel as traded on the New York Mercantile Exchange.
Chevron's Kettleman-Los Medanos Pipeline in California "has been shut down due to the presence of elevated organic chloride levels in the pipeline system's crude stream," Chevron spokesman Gareth Johnstone said in a statement emailed to this newspaper.
The company is attempting to determine the cause of the elevated chloride levels and is preparing a remedy to flush the pipeline.
ZipRealty settles suit for $5 million
Emeryville-based ZipRealty has reached a $5 million settlement with the state labor commissioner over a lawsuit that alleged ZipRealty failed to pay California real estate agents, classified as outside sales employees at the time, minimum wage and overtime mandated by California wage laws.
ZipRealty maintained that like other agents, the outside sales employees were paid commissions to conduct real estate transactions.
The state labor commissioner's lawsuit had sought more than $17 million in damages. ZipRealty agreed to pay $5 million in exchange for
The settlement contains no admission of wrongdoing. The settlement funds will be held in an account for distribution to those individuals who were employed by ZipRealty during the relevant time period.