Trans-Alaska Pipeline System Ratemaking Act of 1985

Trans-Alaska Pipeline System Ratemaking Act of 1985 - States that the purpose of this Act is to establish a sound methodology to be used by the Federal Energy Regulatory Commission (FERC) to determine just and reasonable tariffs for the transportation of crude oil on the Trans-Alaska Pipeline System (TAPS).

Directs FERC, in determining just and reasonable rates for the interstate transportation of petroleum through TAPS, to apply a traditional depreciated original cost ratemaking methodology. Directs FERC to: (1) determine an original cost rate base for TAPS in accordance with the general regulatory scheme used by FERC as of January 1, 1983, to set just and reasonable rates for interstate natural gas pipelines; (2) provide for a rate of return, including an allowance for inflation, on the equity portion of the depreciated original cost rate base; (3) determine the other components of the permissible tariff rates for TAPS; (4) set the final tariff rates for TAPS no later than 180 days following the effective date of this Act; and (5) allow any owner of TAPS up to one year from the effective date of the final tariffs within which to refund any overcharges. Provides FERC with authority to conduct such further proceedings and to take such further action as is necessary to regulate rates charged by the owners of TAPS.

Provides the Temporary Emergency Court of Appeals with sole jurisdiction over all petitions for review of the final tariff rate established by FERC for the transportation of oil through TAPS.