Phillips 66 weighs returning to California as fuel prices surge
California faces a fuel supply crisis and soaring prices after refinery closures and oil supply disruptions tied to the war with Iran, with Phillips 66’s earlier shift out of state leaving the market thin. California has few refineries and storage, giving remaining suppliers leverage to raise costs. Phillips 66’s return would be expensive due to aging facilities and likely limited to 55,000–85,000 barrels per day.