This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Buckeye Files Application For Market-Based Rates In New York City-Area

HOUSTON, Oct. 16, 2012 (GLOBE NEWSWIRE) -- Buckeye Partners, L.P. (NYSE:BPL) ("Buckeye") announced today that Buckeye Pipe Line Company, L.P. ("Buckeye Pipeline") filed an application with the Federal Energy Regulatory Commission ("FERC") seeking authority to charge market-based rates for deliveries of refined petroleum products to the New York City-area market ("Application").

In the Application, Buckeye Pipeline seeks market-based rates from its three origin points in northeastern New Jersey to its five destinations on its Long Island System, including deliveries of jet fuel to the Newark, LaGuardia, and JFK airports. These jet fuel delivery rates were the subject of a complaint filed by Delta Air Lines, United/Continental Airlines, JetBlue Airways, and US Airways on September 20, 2012 in FERC Docket No. OR12-28. If the Application is granted by FERC, Buckeye Pipeline would be permitted prospectively to set its rates with respect to these origins and destinations in response to competitive forces. The airlines' September 20th complaint alleged that Buckeye Pipeline's jet fuel delivery rates to the New York City airports are unjust and unreasonable under the Interstate Commerce Act based on a cost over-recovery rationale. This issue would no longer be relevant with respect to Buckeye Pipeline's future rates upon the granting of the Application.

As the Application indicates, Buckeye Pipeline believes that the New York City-area market is robust and highly competitive—the New York Harbor is one of the world's most active refined petroleum products markets. Within this market, Buckeye Pipeline's customers have access to numerous existing alternatives, via pipeline, barge, and truck, to transport refined products and, with reasonable investment, the three airports should be able to access alternative jet fuel supplies efficiently and economically. Consequently, Buckeye believes it is appropriate that it be permitted to charge market-based rates for its services in this market.  Buckeye remains committed to providing safe and economic transportation of refined products to its customers in the New York City-area market.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,550.69 -47.51 -0.27%
S&P 500 2,093.32 -4.72 -0.22%
NASDAQ 5,105.5460 -9.8360 -0.19%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs