Oil company Phillips 66 says it will shut down Los Angeles-area refinery

LOS ANGELES (AP) — Oil company Phillips 66 has announced that it plans to shut down a Los Angeles-area refinery that accounts for about 8% of California’s refining capacity The company indicates it will remain operating in California. Its CEO says it will continue to meet the needs of consumers. The closure will impact hundreds of workers who help operate the refinery. The announcement comes after Gov. Gavin Newsom signed a law aimed at preventing gas prices from spiking at the pump. The Democrat has touted the state’s efforts to reduce its reliance on fossil fuels.