Prohibits the Federal Energy Regulatory Commission from approving any retroactive application of TAPS quality bank valuation methodologies when it reviews Trans-Alaska Pipeline carrier tariffs.
Defines such methodologies as valuation methodologies applied for the purpose of establishing monetary adjustments paid by or to shippers of oil on the Trans-Alaska Pipeline through the operation of a quality bank to compensate for differentials in the value of shippers' oil commingled in the pipeline.