Fossil fuel companies on Friday lost their bid to challenge the methodology the Federal Energy Regulatory Commission uses when determining the value of certain types of crude oil to figure out compensation for shippers.
“Petro Star and ConocoPhillips have failed to demonstrate that the existing Quality Bank formula for valuing Resid is unjust or unreasonable,” the US Court of Appeals for the DC Circuit said when denying the three consolidated petitions.
“We also deny the petition of the TAPS owners because FERC’s finding of a tariff violation was not unlawful or arbitrary,” the panel said, referring to the Trans Alaska ...