On April 8, 2021, Jeffrey Sabin and Carol Weiner Levy published “Midstream Contracts: Jurisdiction, Procedure and Timing Matters” in American Bankruptcy Institute Journal. The following is an excerpt:
Almost 15 years ago, new shale and fracking technology opened areas like North Dakota and Appalachia to significant oil and gas exploration and development. However, the advances also created the need for construction of pipelines to ensure that oil and gas could economically move interstate to markets vital to the U.S. economy. By then, the Federal Power Act (FPA) and the Natural Gas Act (NGA) had appointed the Federal Energy Regulatory Commission (FERC) to serve as the regulator and protector of the public interest in the face of potential utility and pipeline monopolies. The FERC performs its task by reviewing and approving rates and other contract terms for pipeline transportation and storage of natural gas, and the transmission and sale for resale of electricity in interstate commerce.