only a couple days after the California governor passed a law putting oversight on California oil refinery operations, Phillips 66 says it will shut down Los Angeles-area refinery
The announcement comes days after Democratic Gov. Gavin Newsom signed a law aimed at preventing gas prices from spiking at the pump. The law authorizes energy regulators to require refineries to maintain a certain level of fuel on hand. The goal is to avoid sudden increases in gas prices when refineries go offline for maintenance.
The refinery accounts for about 8% of California’s refining capacity, according to the state’s Energy Commission.
The refinery consists of two facilities that were built more than a century ago.https://apnews.com/article/california-refinery-oil-phillips-66-shut-down-bbea1826c0d5d472273f97ad86b870f8
"The announcement comes days after Newsom signed a law aimed at preventing gas prices from spiking at the pump."
ReplyDeleteReduced refining capacity will lead to higher gas prices.
The Law of Unintended Consequences is alive and well in California.