California oil refinery announces closure after Newsom signs more regulations

Published On Oct 17, 2024, 11:34 AM

Phillips 66 has announced that it will shut down its Los Angeles-area oil refinery by the end of 2025, driven by uncertainties in the market and following new regulations imposed by California Governor Gavin Newsom. The refinery is responsible for about 8% of California's refining capacity. Phillips 66 is considering redeveloping the 650-acre site in collaboration with real estate firms. The closure will impact approximately 600 employees and many contractors, although the company will continue to meet fuel demand in California through other sources.