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Phillips 66 shutters Los Angeles refinery days after Newsom adds new regulations
The oil company said that the closure, scheduled for the end of next year, was not a direct response to the new law, but it added to a lack of refining that has pushed up gas prices in the Golden State. "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. "Phillips 66 remains committed to serving California and will continue to take the necessary steps to meet our commercial and customer demands," he added. Posted by: Besoeker 2024-10-18 |
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