BusinessEnergy

California Refinery Closure Impacts Skilled Workers as State Transitions from Fossil Fuels

A California pipe fitter earning $118,000 annually faces career uncertainty as the Phillips 66 Los Angeles refinery prepares to close. The shutdown reflects broader industry transitions affecting thousands of skilled workers across the state’s refining sector.

California refinery workers are facing unprecedented career uncertainty as the state’s energy transition accelerates, with skilled tradespeople like pipe fitter Wilfredo Cruz reaching substantial earnings only to confront potential job loss when facilities close. The 37-year-old has worked for twelve years at the Phillips 66 refinery in Los Angeles, building his income to $118,000 annually, but now wonders what comes next as the facility prepares to cease operations.

Refinery Closure Impacts Skilled Workforce

International Business and TradePolicy

Trump Tariffs Wipe Billions from Markets as AI Stock Rally Stalls

President Trump’s announcement of 100% tariffs on China triggered massive market losses, erasing nearly $800 billion from tech stocks. The move halted the sustained AI-driven rally that had propelled markets to record highs. Experts analyze the implications for artificial intelligence investments and market stability.

Artificial intelligence stocks face unprecedented pressure as President Trump’s tariff announcement triggers the largest market decline since April, wiping out nearly $800 billion in value from major technology companies. The S&P 500 and Nasdaq Composite experienced their most significant single-day drops in months, halting what had been a sustained rally driven primarily by AI innovation and investor enthusiasm for companies like OpenAI and Nvidia.

AI-Driven Market Rally Faces Reality Check