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Brief — BP plc
The dustup over the Federal Energy Regulatory Commission‘s decision to levy a fine against BP plc in a 2008 market manipulation case appears far from over. Last week BP filed a petition in the United States Court of Appeals for the Fifth Circuit asking the Court to step into the case [IN13-15] to review portions of July’s opinion No. 549 which imposed a $20.16 million fine and ordered BP to disgorge $207,169 (see Daily GPI, July 12; Aug. 13, 2015). And late on Monday, in response to a request from BP, FERC put the disgorgement on hold when it was discovered that the Texas Low Income Home Energy Assistance Program which was to receive the funds was not authorized to receive awards from FERC. The Commission also effectively tabled for now challenges to the main part of its decision by ordering rehearing for further consideration. BP detailed what it claimed were dozens of errors and inconsistencies that rendered opinion No. 549 “arbitrary, capricious, and contrary to law” (see Daily GPI, Aug. 12).
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