Article

2024-10-18 Economy

Phillips 66 shutters Los Angeles refinery days after Newsom adds new regulations

[Washington Examiner] Phillips 66 announced plans to end operations at its Los Angeles oil refinery just days after California Gov. Gavin Newsom signed a new law mandating stringent requirements for oil refineries in the state.

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 05:55|| || Front Page|| [11144 views ] Top

#1 "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."
The Democrats have made it impossible to initiate new drilling, and have imposed sanctions on small drillers in the Kern County oil patch. Known finds located farther to the north remain untouched given the State impositions. Refining in the San Francisco Bay Area is now operating at only one site. The result will be an increase in the price of gas for Californians who already suffer the highest prices nationally.

Posted by 2024-10-18 08:26|| 2024-10-18 08:26|| Front Page Top

#2 When you price them out of business, they go out of business...

Posted by ed in texas 2024-10-18 08:30|| 2024-10-18 08:30|| Front Page Top

#3 Gooder and harder.

Posted by alanc 2024-10-18 10:01|| 2024-10-18 10:01|| Front Page Top

#4 Newsom is insuring gas prices in the west rise after Trump wins office.

Posted by 49 Pan 2024-10-18 11:18|| 2024-10-18 11:18|| Front Page Top

#5 It is hard to keep track of all the buffoonery, but didn't Cali ban internal combustion engines after 2030 or so? No ICE vehicles should greatly reduce demand for refined petroleum.

Posted by SteveS 2024-10-18 11:39|| 2024-10-18 11:39|| Front Page Top

#6 ^Snark of the day?

Posted by Grom the Reflective 2024-10-18 11:57|| 2024-10-18 11:57|| Front Page Top

#7 Spring might not be soon enough for our escape.

Posted by Rex Mundi 2024-10-18 15:40|| 2024-10-18 15:40|| Front Page Top

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