Petro Star Inc. v. Federal Energy Regulatory Commission

SRINIVASAN, Circuit Judge:

The Trans Alaska Pipeline System is the sole means of transporting oil from Alaska’s North Slope to the shipping terminal at Valdez, Alaska, roughly 800 miles to the south. Oil companies deposit crude oñ ex tracted from their fields on the North Slope into the pipeline at its northern point. Although the companies’ crude oil deposits differ in ways that affect their respective market values, the deposits necessarily become commingled in the pipeline. At the southern end of the pipeline in Valdez, the oil companies receive the same proportion of oil they initially…