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

  • Phillips 66 plans to shut down a Los Angeles-area refinery by the end of 2025 due to market concerns.
  • The refinery accounts for about 8% of California’s refining capacity, affecting 600 employees and 300 contractors.
  • The closure follows a new law by Democratic Gov. Gavin Newsom aimed at stabilizing gas prices at the pump.
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