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Phillips 66 to close oil refinery after Newsom law
https://www.yahoo.com/news/phillips-...140915867.html
Phillips 66 announced Wednesday it will close its 650-acre oil refinery complex near the Port of Los Angeles by the fourth quarter of 2025, days after Gov. Gavin Newsom (D) signed
a new law regulating
gas storage and refineries.
The refinery in Wilmington, together with a complex in Carson 5 miles away, produces up to 85 million barrels per day (MBD) of gasoline and 65 MBD of distillates, such as diesel.
“Phillips 66 remains committed to serving California and will continue to take the necessary steps to meet our commercial and customer demands,” said Mark Lashier, chair and chief executive of Phillips 66, according to the
Los Angeles Times.
“We understand this decision has an impact on our employees, contractors and the broader community. We will work to help and support them through this transition.”
The Wilmington facility is 105 years old and employs 600 workers and 300 contractors. Its closure would cause an 8 percent decline in the state’s already stretched refining capacity,
Politico reported.
Newsom has said the new bill is crucial to ensuring Californians aren’t taken advantage of by gas companies’ price spikes. California often sees some of the highest gas prices in the country.
The law empowers the state to require oil refiners to maintain a minimum inventory of fuel, aiming to avoid supply shortages that raise the price at the pump.
“Californians are one step closer to getting the protections they need against Big Oil’s price spikes. I’m grateful to our partners in the Senate for helping to save Californians money at the pump,” Newsom said after its passage.
“Price spikes cost consumers more than $2 billion last year, and we’re taking the action necessary to help put this to an end.”
The Hill reached out to Phillips 66 for comment.
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Phillips 66 to close oil refinery after Newsom law
