|
|
Article: Move Made to Determine "Actual Value" of Oklahoma Crude Oil. (Originated from The Daily Oklahoman)
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- October 5, 1993
- Author:
CopyrightCOPYRIGHT 1993 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
OKLAHOMA CITY--Oct. 5--An oil producer and a lawyer are urging the state Corporation Commission to determine the "actual value" of Oklahoma crude oil - a move that, under a 70-year-old state law, could lead to a minimum or "floor" price.
Stanley M. Ward, a Norman attorney, has written to the commission urging it to use the price determination authority granted to it by the obscure law.
"Posted prices," or the amount purchasers will pay for Oklahoma oil, fell a few weeks ago to a more than three-year low of $13.40 to $15.25 per barrel, depending on the crude grade.
Price postings have risen a couple of dollars a barrel since then but remain shaky. They ...