California could lose 17 percent of its oil refinery capacity over the next 12 months due to two scheduled refinery closures, the Energy Information Administration (EIA) said in a July 9 statement.
In October, energy company Phillips 66 announced plans to shut down its Wilmington refinery in the Los Angeles area by the fourth quarter of this year. The facility processes 139,000 barrels per day of oil.
In April, Valero Energy Corporation said it would cease operations at Benicia refinery in the Bay Area, which processes 145,000 barrels per day, by April 2026.
Closure of the facilities can lead to “increases in fuel price volatility on the West Coast,” EIA said, highlighting that California “usually has higher retail gasoline prices compared with the national average.”…