Phillips Petroleum Co. v. Department of Energy

OPINION

LATCHUM, Chief Judge.

Six oil companies 1 instituted these actions to challenge the Federal Energy Administration’s (“FEA”) belated interpretation of a regulatory scheme affecting prices from January 1, 1975 to February 1, 1976 (“the relevant period”). That interpretation required refiners .to allocate monthly sales revenues first to the recoupment of all increased “product costs’’ (primarily the costs of crude oil and purchased petroleum products) and then to the recoupment of increased “non-product costs” (most operating and marketing costs). See 41 Fed.Reg. 5111, 5113 (February 4,…