Daily Energy Report
California delusion & higher gasoline prices, Phillips 66 loses lawsuit, EIA on liquid fuels, LNG tanker glut, UK sanctions Russian oil/LNG vessels, Germany’s decline, and more.
Chart of the Day: California Gasoline Prices are Way Above the National Average as Government Policies force Refineries to Close
Summary
Phillips 66 plans to close its Los Angeles-area refinery by Q4 2025 due to market challenges. The company will work with land-development firms and California state officials to ensure ongoing fuel supply, including renewable fuels from its Rodeo complex. The decision follows pressure from activist investor Elliott Investment Management and new state legislation allowing more control over refinery inventory and maintenance. Phillips 66 announcement comes days after Gov. Gavin Newsom signed legislation that set new rules to prevent gas price spikes.