India, South Korea, the Middle East: Where California will get its gasoline when Phillips refinery shuts down [Los Angeles Times (CA)]
Phillips 66 (PSX)
Last phillips 66 earnings: 5/1 07:00 am
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Source: Los Angeles Times
The Phillips 66 refinery complex in Wilmington and Carson now produces 1.3 billion gallons of gasoline annually, which will leave a huge gap to be filled after its planned closure late next year. With no pipelines into the state, and no plans to add new refineries, California will need to make up for the deficit by imports via ocean tanker — in what analysts say will be a costly endeavor, and one with inherent risks of supply disruptions. “This is going to make California even more dependent on a longer supply chain. Not only will we see average upward pressure on prices, but probably volatility to prices as well,” said Skip York, chief energy strategist for industry consultant Turner, Mason & Co. California imports about 1.1 billion gallons of gasoline annually, or 8% of its supply, following other refinery closures or conversions in recent years. With the loss of the Phillips plant, the state will need to import as much as 17% of its supply to make up the deficit. The potenti
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- 10/29/24 - Form 8-K
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