Stock Market Crash: Dow Jones Worst Week Since Sept 2025
- california gasoline prices experienced a dramatic surge in October 2023, reaching an average of $6.47 per gallon statewide, according to data from the U.S.
- The lawsuit, filed in Alameda County Superior Court, alleges that Chevron did not adequately increase supply to meet demand during the refinery outages and instead took advantage of...
- California law prohibits businesses from increasing prices on essential goods,including gasoline,by more than 10% above the pre-emergency price,unless the increase is justified by increased costs.
“`html
Stock Market LIVE Updates: Ex-date alert! TCS,7 others to remain in focus next week
Table of Contents
- Stock Market LIVE Updates: Ex-date alert! TCS,7 others to remain in focus next week
- Stock Market LIVE Updates: Steel firms plan ₹4,000 crore IPO push as safeguard duty lifts outlook
- Stock Market LIVE Updates: Avana Electrosystems IPO opens Jan 12
- Stock Market LIVE Updates: 2 PM Update
- Chevron Faces Lawsuit Over Alleged Price Gouging During 2023 California Gas Spike
Stock Market LIVE Updates: Shares of Tata Consultancy Services (TCS),Kotak Mahindra Bank,Ajmera Realty & Infra India,Best Agrolife,Jaro Institute of Technology Management and Research,TAAL Tech,SKM Egg Products Export (India),and Authum Investment & infrastructure are set to remain in the spotlight during the upcoming trading week from Monday,January 12,2026,to Friday,January 16,2026,as the stocks are scheduled to trade ex-date following thier respective corporate actions.
READ MORE
Stock Market LIVE Updates: Steel firms plan ₹4,000 crore IPO push as safeguard duty lifts outlook
Stock Market LIVE Updates: Steel and steel-linked companies are gearing up to mobilise around Rs 4,000 crore through IPOs over the next 12-18 months, buoyed by the government’s decision to impose a three-year safeguard duty on select flat steel imports, merchant bankers said.
Stock Market LIVE Updates: Avana Electrosystems IPO opens Jan 12
Stock Market LIVE Updates: The initial public offering (IPO) of avana Electrosystems, customised Control and Relay Panels manufacturer, will open for public subscription on Monday, January 12, 2026. The company aims to raise ₹35.22 crore through its maiden public issue comprising a fresh issuance of 5.2 million equity shares and an offer for sale (OFS) of 0.8 million shares.
READ MORE
Stock Market LIVE Updates: 2 PM Update
Stock Market LIVE Updates: At 2 PM, Sensex was at 83,583.38, down 597 points or 0.71 per cent and NSE Nifty50 quoted 25,696.15, down 181 points or 0.7 per cent.
Chevron Faces Lawsuit Over Alleged Price Gouging During 2023 California Gas SpikeChevron Corporation is facing a class-action lawsuit alleging it illegally inflated gasoline prices in California during a period of meaningful price increases in late 2023. the suit claims Chevron exploited supply disruptions to maximize profits, violating California’s Unfair Competition law.
Background of the 2023 California Gas Price Surge
california gasoline prices experienced a dramatic surge in October 2023, reaching an average of $6.47 per gallon statewide, according to data from the U.S. Energy Information Governance (EIA). This spike followed planned and unplanned refinery outages, including issues at the Phillips 66 refinery in Carson and the Chevron refinery in Richmond.The California Attorney General’s Office also investigated potential price gouging during this period.
allegations Against Chevron
The lawsuit, filed in Alameda County Superior Court, alleges that Chevron did not adequately increase supply to meet demand during the refinery outages and instead took advantage of the situation to raise prices beyond what was justified by market conditions.Plaintiffs argue chevron’s actions constitute price gouging under California Business and Professions Code Section 17776. Specifically, the suit claims Chevron increased its profit margins substantially during the period, demonstrating an intent to exploit consumers. The complaint alleges Chevron increased its refining margin to over $1.00 per gallon during the peak of the price surge.
California’s Price Gouging Law
California law prohibits businesses from increasing prices on essential goods,including gasoline,by more than 10% above the pre-emergency price,unless the increase is justified by increased costs. California Business and Professions Code Section 17776 defines price gouging and outlines penalties for violations.Violators can face civil penalties of up to $5,000 per violation and may be subject to injunctions.
Chevron’s Response
Chevron has denied the allegations, stating that market factors, including refinery issues and increased demand, were responsible for the price increases. In a statement released on November 15, 2023, Chevron said, “We understand the concerns about high gas prices and are working to address supply issues. Though, we firmly believe our pricing practices are lawful and reflect market conditions.” Chevron’s official statement details their position.
Status of the Lawsuit (as of January 9, 2024)
As of January 9, 2024, the lawsuit is ongoing. No trial date has been set. The California Attorney General, Rob Bonta, announced on December 21, 2023, that his office had reached settlements wiht several othre gasoline retailers regarding similar allegations of price gouging, but Chevron was not included in those settlements. California Attorney General Press Release. The case is doe v. Chevron Corporation, Case No. RG23073888, in the Superior court of California, County of Alameda.
- california Attorney General’s Office: https://oag.ca.gov/
- U.S. Energy Information Administration (EIA): https://www.eia.gov/
- Phillips 66: https://www.phillips66.com/
- Rob Bonta: https://oag.ca.gov/about/attorney-general-rob-bonta