SACRAMENTO, California — Phillips 66 announced Wednesday that it will close its Los Angeles oil refinery next year, citing “long-term uncertainty” two days after Gov. Gavin Newsom signed a law clearing the way for new regulations on the state’s refiners.
The closure would knock out about 8 percent of refining capacity in a state that barely produces enough of its special-blend gasoline to meet demand from its 31 million gas-powered vehicles.
“With the long-term sustainability of our Los Angeles refinery uncertain and affected by market dynamics, we are working with leading land development firms to evaluate the future use of our unique and strategically located properties near the Port of Los Angeles,” Mark Lashier, the company’s chairman and CEO, said in a statement.
Newsom on Monday signed legislation aimed at preventing gasoline price spikes by giving the state authority to require refiners to store more gas and share resupply and maintenance plans with the state.
