Phillips 66 to Close Los Angeles Refinery Due to Low Profits

Phillips 66 (PSX) ), a leading energy company, has announced the closure of its Los Angeles oil refinery by the end of 2025, mentioning "long-term uncertainty" as a key factor behind the decision.The announcement came just two days after California Governor Gavin Newsom signed a new law that could impose further regulatory requirements on the state’s refiners, including mandates for fuel storage and transparency in resupply and maintenance plans. This Los Angeles facility accounts for approximately 8% of th ...