One America News Network OAN Staff Blake Wolf
Phillips 66, an American multinational energy company, announced on Wednesday that it plans to shut down one of their oil refineries in the Los Angeles area by 2025, citing concerns with specific regulations California Governor Gavin Newsom recently signed into law.
“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,” stated Mark Lashier, the chairman and CEO of Phillips 66.
“Phillips 66 remains committed to serving California and will continue to take the necessary steps to meet our commercial and customer demands,” he added.
The announcement follows after Newsom (D-Calif.) signed a new law that the governor said aims to “help prevent gas price spikes and save consumers money at the pump.”
Newsom’s law empowers the state to require oil refinement companies to maintain a minimum inventory of fuel, as well as requires oil refiners to have contingency plans in place for refiner maintenance outages.
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