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Stock impact report

Debunking A Persistent Myth: U.S. Refineries Can't Handle Shale Oil [Yahoo! Finance]

Phillips 66 (PSX) 
Last phillips 66 earnings: 5/1 07:00 am Check Earnings Report
Company Research Source: Yahoo! Finance
America, operates as gas prices rocket upward due to worldwide oil supply disruptions caused by the U.S. and Israeli attack on Iran, on March 10, 2026 in Carson, California. The heavy crude oil refining industry in California was already under increasing pressure before the war since the Phillips 66 refinery in Los Angeles officially shut down at the end of 2025. Valero's Oil refinery in Benicia, California is expected to add to those pressures when it fully shuts down at the end of next month. The national average gas price has risen to $3.54 and the average California gas price is currently $5.29, according to the American Automobile Association (AAA) today. (Photo by David McNew/Getty Images) Getty Images A widespread myth in energy circles is that U.S. refineries are “unable” to process the light, sweet crude produced by the shale boom. The claim tends to surface whenever gasoline prices rise or energy independence becomes a talking point. The argument is usually that the U.S. Show less Read more
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