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The commissioner disposes of royalty oil, gas, or associated substances to relieve the market conditions when
(1) in a noncompetitive disposition of royalty oil, gas, or associated substances the commissioner estimates that the sale price throughout the term of the disposition will be higher than the volume-weighted average of the current reported netback prices filed by the lessees for royalty purposes for those filing periods applicable to the term of the disposition;
(2) in a disposition of royalty oil by competitive bid the commissioner determines, at the time of issuance of the invitation to bid, that there is a substantial probability that the state will receive, as a result of the disposition by competitive bid, more than the volume-weighted average of the current reported netback prices filed by the lessees for royalty purposes for those filing periods applicable to the term of the disposition, or, in a disposition of gas by competitive bid, the commissioner determines, at the time of issuance of the invitation to bid, that there is a substantial probability that the state will receive, as a result of the disposition by competitive bid, more than the in-value price;
(3) the royalty oil, gas, or associated substances disposed of will be used to meet in-state needs for crude oil, gas, or associated substances or petroleum products and the sale price of that royalty oil, gas, or associated substances is at least equal to the in-value amount which would have been received by the state during the same period; or
(4) there is or will be an emergency in-state need for crude oil, gas, or associated substances or petroleum products, which could be alleviated by the sale of the royalty oil, gas, or associated substances.
History: Eff. 12/12/80, Register 76; am 8/8/84, Register 91; am 12/15/84, Register 92; am 7/12/85, Register 95; am 9/28/85, Register 95; am 5/22/93, Register 126
Authority: AS 38.05.020
Editor's note: Before Register 126, 1993, 11 AAC 03.024 appeared as 11 AAC 03.090. The history of the section under its former number is included in the history note for 11 AAC 03.024.
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Last modified 7/05/2006