Petroleum giant Phillips 66 has announced it will shutter its Los Angeles oil refinery next year due to “long-term” uncertainty mere days after Gov. Gavin Newsom signed a law imposing strict new regulations on the state’s refineries.
The pending closure comes during a tenuous time for the energy-starved state, Politico reported. A total of 8 % of California’s refining capacity will be lost, leaving the state to look elsewhere to produce enough of high-test gasoline for 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, chairman and CEO of Phillips 66 said in a statement Wednesday.
Read more at Newsmax© 2024 Newsmax. All rights reserved.
