By Jessica Dye
NEW YORK (Reuters) - ConocoPhillips
Gasoline is sold by volume, but as outside temperatures climb storage tanks heat up and fuel volume expands, diluting the amount of energy delivered per gallon.
Several of the refiners had previously announced they had reached a settlement in principle in the case, which combines more than 50 separate lawsuits filed against oil producers and retailers over their so-called 'hot fuel' practices.
The proposed settlement filed Friday in U.S. district court in Kansas reveals the financial details of the deal, reached after more than five years of litigation.
ConocoPhillips, ExxonMobil, Shell Oil Products US and two subsidiaries of BP PLC
The funds will be distributed among retailers and wholesalers in the 29 U.S. states and territories where the hot-fuel suits were filed.
Valero Energy Corp
A spokesman for ConocoPhillips confirmed the settlement and declined further comment. Representatives for the other refiners did not immediately respond to requests for comment.
Gas retailers in the U.S. peg their sales at a wholesale level to an industry standard of approximately 60 degrees.
Technology to monitor temperature at pumps has been used for decades in Canada, where the oil industry pushed for the law.
Conversely, in the United States, consumer watchdogs say the oil industry has lobbied against such a measure despite record high earnings and the relatively modest cost of $800 to modify an existing pump.
(Reporting by Jessica Dye; Editing by Joseph Radford)
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