California could lose about 20% of its oil refining capacity in 12 months — with potentially significant implications for prices at the pump.
Two major refineries are poised to depart or make major changes: Phillips 66 has decided to shut down its Los Angeles refinery complex by the end of this year, and Valero Energy Corp announced this week that it may close its Bay Area refinery in Benicia.
The departures could hasten the state’s push away from fossil fuels but make another problem worse: California’s high gasoline prices…