SACRAMENTO, California — Phillips 66 announced Wednesday that it will close its Los Angeles oil refinery next year, citing “long-term uncertainty” two days after Gov. Gavin Newsom signed a law clearing the way for new regulations on the state’s refiners.

LOS ANGELES (AP) — Oil company Phillips 66 announced Wednesday that it plans to shut down a Los Angeles-area refinery by the end of 2025, citing market concerns. The refinery accounts for about 8% of California’s refining capacity, according to the state’s Energy Commission. The company said it will remain operating in the state.

The news comes just two days after Gov. Gavin Newsom signed a major new law, roundly opposed by the oil industry, that tries to get a handle on gas price spikes. It does so by giving the California Energy Commission new authority to require refiners to store more gas and make other preparations to guard against supply shortages.

Phillips 66 said it will shut its large Los Angeles-area oil refinery late next year, delivering a blow to California's fuel supply amid complaints about the state's high prices.

Phillips 66 plans to close its refinery near the Port of Los Angeles in late 2025. The company’s announcement Wednesday follows Gov. Gavin Newsom’s signature of legislation implementing new oil controls.

When Phillips 66 this week announced its plans to close its Los Angeles-area refinery in late 2025, many observers noted the announcement came just days after California Gov. Gavin Newsom signed a new law aimed at refineries.

The refinery accounts for about 8% of California's refining capacity, according to the state's Energy Commission. The company said it will remain operating in the state.