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

Oil company Phillips 66 has announced it plans to shut down a Los Angeles-area refinery that produces about 8% pf the state's crude oil. The company indicated it will remain operating in California. The company's 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.