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Paramount Petroleum Corporation was headquartered in Paramount, Los Angeles County, California. [1] It operated a refinery at that location, and was the largest seller of asphalt in California. [1] Paramount also operated a refinery near Portland, Oregon, as well as several marketing terminals in the Western United States. [1]
The job cuts, which will take place Tuesday, will impact about 800 employees, or roughly 3% of Paramount's workforce, sources familiar with the matter told Yahoo Finance.
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The closure will leave the state with eight major refineries — three in Bay Area and five in the Los Angeles area, operated by Chevron, Valero and other refiners — as well as several smaller ones.
1904 photo of a Los Angeles oil field at Court and Toluca Street. The California oil and gas industry has been a major economic and cultural component of the US state of California for over a century. Oil production was a minor factor in the 19th century, with kerosene replacing whale oil and lubricants becoming essential to the machine age.
The Los Angeles City field is one of many in the Los Angeles Basin. To the west are the still-productive Salt Lake and Beverly Hills fields; to the south is the Los Angeles Downtown Oil Field. Ten miles east-southeast is the Brea-Olinda field , the first to be worked in the region.