The oil company Phillips 66 announced Wednesday that it is closing its Los Angeles-area refinery by the end of 2025, pointing to concerns about the future market.

The announcement comes days after California Gov. Gavin Newsom signed a new law on Monday that will set new regulations on the oil industry in the Golden State.

"With the long-term sustainability of our Los Angeles Refinery uncertain and affected by market dynamics, we are working with leading land development firms to evaluate the future use of our unique and strategically located properties near the Port of Los Angeles," Mark Lashier, chairman and CEO of Phillips 66, said in a statement. "Phillips 66 remains committed to serving California and will continue to take the necessary steps to meet our commercial and customer demands."

Lashier did not mention the new law signed by Newsom