OIL PIPELINE RATEMAKING METHODOLOGY.

SEC. 1801. OIL PIPELINE RATEMAKING METHODOLOGY. (a) Establishment.—Not later than 1 year after the date of the enactment of this Act, the Federal Energy Regulatory Commission shall issue a final rule which establishes a simplified and generally applicable ratemaking methodology for oil pipelines in accordance with section 1(5) of part I of the Interstate Commerce Act. (b) Effective Date.—The final rule to be issued under subsection (a) may not take effect before the 365th day following the date of the issuance of the rule.