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

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.

Phillips 66’s decision to close the Los Angeles refinery follows oil and gas giant Chevron Corp.’s announcement August that it was moving its headquarters from San Ramon, California to Houston, Texas. To contact the author, email [email protected]