Freeport Oil Company v. Federal Energy Regulatory Commission

TJOFLAT, Circuit Judge:

The Federal Energy Regulatory Commission (FERC or Commission) 1 regulates interstate sales of natural gas. FERC granted Freeport Oil Company (Freeport), a producer of natural gas, short-term authority to make interstate sales of its gas at a price in excess of the prevailing regulated rate. Subsequently, FERC increased the regulated rate above Freeport’s short-term rate, and Freeport adjusted its own rate to bring it into conformity with the new regulated rate. FERC ruled that Freeport’s rate increase was unlawful and ordered Freeport to refund all sales proceeds…