Chevron Corporation (CVX) , the U.S. oil and gas major, has agreed to pay $550 million to the Richmond City Council in exchange for dropping a proposed tax on the company’s Richmond refinery. The proposed tax was scheduled on the November ballot. However, per the terms of the settlement, Chevron will pay $550 million to the council in a span of 10 years for dropping the proposed tax measure.The city intended to seek the approval of its voters to impose a $1 per barrel tax on the crude processed in the Richm ...