Phillips 66 to close oil refinery after Newsom law
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.
Date: |
-
Business - The Wall Street Journal
Phillips 66 to Close Los Angeles Refinery in Fourth Quarter of 2025
The oil refiner said the unit’s long-term sustainability is uncertain and affected by market dynamics.17 hours ago -
Business - The Wall Street Journal
Phillips 66 Sells Remaining Interest in Coop Mineraloel Joint Venture
Phillips 66 CEO Mark Lashier said the sale is part of the company’s commitment to divest over $3 billion of assets. Coop Mineraloel operates 324 retail sites and petrol stations across Switzerland.2 days ago -
Top stories - ABC News
California Gov. Gavin Newsom signs a law aimed at preventing gas prices from spiking
California Gov. Gavin Newsom has signed a law aimed at preventing gas prices from spiking at the pump2 days ago - California -
Business - MarketWatch
TotalEnergies forecasts 66% drop in its third-quarter oil-refining margins
The French oil company’s warnings comes on the back of a slump in the global market for products including jet fuel, diesel and gasoline that saw BP and Shell post similar warnings last week.2 days ago -
Business - MarketWatch
Oil prices drop over 4% after report Israel won’t target Iran’s oil facilities
Oil futures dropped by more than 4% on Tuesday, with U.S. and global benchmark prices settling at their lowest in about two weeks after a report that Israel will not attack key oil facilities in Iran.Yesterday - Israel -
World - The Guardian
A new start after 60: I went to art school at 66 – and now I’ve sold hundreds of paintings
Carol Douglas wanted to study art as a teenager, but her parents didn’t see the point and she spent decades regretting what might have been. She now has an exhibition at Yorkshire Sculpture Park. ...3 days ago -
World - The New York Times
Oil Prices Fall After Israel Reportedly Says It Won’t Target Iran’s Nuclear or Oil Facilities
Brent crude, the international benchmark, was trading at below $74 a barrel on Tuesday, a drop from the $80 range.2 days ago - Israel
More from The Hill
-
Politics - The Hill
Arrest made in SEC hack resulting in bitcoin price spike
The FBI arrested an Alabama man Thursday in connection with the January hack of the Securities and Exchange Commission’s (SEC) account on the social platform X that briefly caused the price of ...35 minutes ago -
Politics - The Hill
Fischer hangs onto lead, looks to Trump for help in Nebraska Senate battle
Sen. Deb Fischer (R-Neb.) is maintaining a lead over independent Dan Osborn in the Nebraska Senate race, a sleepy contest that has prompted former President Trump to help the incumbent Republican ...39 minutes ago - Donald Trump -
Politics - The Hill
Child welfare system reforms shouldn’t leave incarcerated mothers behind
Only by targeting support before child welfare gets involved can we truly strengthen families and protect children, especially children of incarcerated mothers.41 minutes ago -
Politics - The Hill
12:30 Report — Everyone claims victory in Harris’s Fox interview
{beacon} 12:30 REPORT Happy Thursday! Halloween is creeping up. What do you think will be the most popular/timely Halloween costume based on pop culture this year? An "SNL" Domingo bridesmaid would ...58 minutes ago -
Politics - The Hill
Hamas leader Yahya Sinwar killed, Israel says
Yahya Sinwar, the head of Hamas and the architect of the Oct. 7 terrorist attack on the country, was killed on Thursday during an Israeli military operation in the Gaza Strip, according to the ...1 hour ago - Israel