The factory accounts for about eight percent of California's refining capacity, while its closure will affect 900 jobs.

Phillips 66 announced Wednesday it will close its 650-acre oil refinery complex near the Port of Los Angeles by the fourth quarter of 2025, days after Gov. Gavin Newsom (D) signed a new law regulating gas storage and refineries.

Philips 66, the massive oil company that operates across the United States, says that they will be closing their refiner in Wilmington next year after California Gov. Gavin Newsom signed a bill into law​ that looks at preventing gas prices from spiking.