California Gov. Gavin Newsom's bill would require oil refineries in the state to maintain a minimum amount of oil supply.

Oil company Phillips 66 has announced that it plans to shut down a Los Angeles-area refinery that accounts for about 8% of California's refining capacity The company indicates it will remain operating in California.

Phillips 66 announced Wednesday that it will close its southern Los Angeles County refinery operations next year. Citing uncertainty about future sustainability of the refinery complex, which includes two facilities linked by a pipeline in Wilmington and Carson, the company's chair and CEO announced the decision in a statement.