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 said it will shut its large Los Angeles-area oil refinery late next year, delivering a blow to California's fuel supply amid complaints about the state's high prices.