Twin City Barge & Towing Corp. v. Schlesinger

ESTES, Judge.

Regulatory Background

The original Phase IV petroleum regulations, 6 C.F.R. § 150.351 et seq., applied to the petroleum industry on a sector-by-sector basis. Pricing regulations were imposed at four levels: producer, refiner, reseller, and retailer. The Government has generally taken the position that natural gas liq*200uids (NGLs) derived from natural gas, rather than from crude oil, have always been controlled.1 A reading of the refiner regulations, however, raises some doubt as to whether they were specifically designed to apply to natural gas processing plants. These regulations…