SENTELLE, Chief Judge:
Tesoro Refining and Marketing Company, a petroleum products company, petitions for review of an order of the Federal Energy Regulatory Commission ("FERC" or "Commission") that approved an oil pipeline's new rates, adjusted for inflation. The major question presented on the merits is whether FERC acted arbitrarily or capriciously when it approved that rate increase, knowing that the oil pipeline's revenues exceeded its cost of service. Because...
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