Richmond Settles with Chevron and Drops Oil Refining Tax from Ballot

The Richmond City Council accepted a $550 million settlement with Chevron in exchange for dropping from the November ballot the $1-per-barrel excise tax on oil processing. Chevron will pay the settlement, approved August 14, over 10 years to the city’s general fund.

Chevron offered to pay the city $300 million over 10 years but increased the amount to $5…