Additional Coverage:
Phillips 66 plans to close its Los Angeles refinery by 2025 due to uncertainty about the market. The company cited concerns about a new California law that regulates the oil industry.
The refinery processes about 8% of the state’s fuel, and its closure could affect consumers. The company has hired firms to explore future uses for the refinery’s land.
Meanwhile, Governor Gavin Newsom has signed a bill aimed at preventing gas price spikes. The law requires refiners to maintain fuel inventories and plan for maintenance outages. Newsom says it will save Californians money.
Despite the refinery closure, Phillips 66 says it remains committed to California and will continue supplying fuel from other sources, including renewable diesel and aviation fuels.