5th Circ. Told FERC's $20M Penalty Against BP Can't Stand

By Michelle Casady (January 31, 2022, 7:08 PM EST) -- The Fifth Circuit was told in oral arguments Monday morning by counsel for BP PLC that the Federal Energy Regulatory Commission had no authority to impose more than $20 million in penalties and disgorgement against it for alleged manipulation of the Texas gas market because the trades at issue were intrastate, not interstate....

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