The Commission role is to regulate interstate transportation of petroleum and oil pipeline carriers file tariffs, charges, and rules for transporting the oil by pipeline.
A pipeline must submit the applicable cost, revenue, and data supporting such a rate as required by the Commission's regulations.
The Commission's regulations (at 18 C.F.R. § 342.3) include a methodology for oil pipelines to change their rates through use of an index system that establishes ceiling levels for such rates.
The Commission has taken various actions as to the effect of the Tax Cuts and Jobs Act of 2017 on Commission-jurisdictional rates of electric public utilities, natural gas pipelines and oil pipelines.