In less than 48 hours after Newsom signed a bill to RAISE the cost of gas—and to limit its availability—Phillips 66 announced it is closing a refinery. This facility provides 8% of California’s gas, diesel and jet fuel. Watch as the cost of gas rises—Newsom has gotten his wish. Richy people like him will continue to afford gas, while the rest of folks will limit their driving—this will harm restaurants and other businesses.
“The exit follows California Governor Gavin Newsom’s signing of a bill on Monday requiring oil refiners to maintain a minimum fuel inventory and authorized the state’s Energy Commission to ensure refiners plan for resupply during maintenance outages to prevent supply shortages.
“With the long-term sustainability of our Los Angeles Refinery uncertain and affected by market dynamics,” the company is working with land development firms to evaluate the future use of its properties near the Port of Los Angeles, said CEO Mark Lashier.
The exit will leave a big hole in California’s motor fuel supply. The Los Angeles refinery produces 85,000 barrels per day of gasoline and another 65,000 barrels per day of diesel and jet fuel, according to Phillips 66.”
Do not be surprised when other oil folks’ close shop in California. Be assured no oil company will even try to open a refinery in California. So far Newsom has caused the loss of almost 1,000 well paying jobs. The Newsom created DOOM LOOP is killing the people of California.
Phillips 66 to cease operations at Los Angeles-area refinery
By Reuters, 10/16/24 https://www.reuters.com/markets/commodities/phillips-66-cease-operations-los-angeles-area-refinery-2024-10-16/
Oct 16 (Reuters) – Phillips 66 (PSX.N), opens new tab said on Wednesday it plans to stop operations at its Los Angeles-area refinery in the fourth quarter of 2025 and will work with the state of California to supply fuel markets and meet consumer demand.
The stoppage will affect the 600 employees and 300 contractors who operate the refinery.
The exit follows California Governor Gavin Newsom’s signing of a bill on Monday requiring oil refiners to maintain a minimum fuel inventory and authorized the state’s Energy Commission to ensure refiners plan for resupply during maintenance outages to prevent supply shortages.
“With the long-term sustainability of our Los Angeles Refinery uncertain and affected by market dynamics,” the company is working with land development firms to evaluate the future use of its properties near the Port of Los Angeles, said CEO Mark Lashier.
The exit will leave a big hole in California’s motor fuel supply. The Los Angeles refinery produces 85,000 barrels per day of gasoline and another 65,000 barrels per day of diesel and jet fuel, according to Phillips 66.
The company will supply gasoline from sources inside and outside its refining network as well as renewable diesel and sustainable aviation fuels from its Rodeo Renewable Energy Complex in the San Francisco Bay area.
California, the most populated state in the United States, consistently experiences some of the nation’s highest average gas prices, leading to a complex and often tense relationship between the state and oil companies.
The Gold Coast state has set ambitious goals to boost electric vehicle adoption and is uniquely authorized by the federal environmental agency to create its own vehicle emissions regulations
In February, the two largest U.S. oil producers Exxon Mobil (XOM.N), opens new tab and Chevron (CVX.N), opens new tab disclosed combined impairment charges of over $5 billion of their California assets.
