proration of production

proration of production
An economic measure in oil production to avoid a flooding of the market. The usual type of statute in this field imposes upon a regulatory body the duty of determining from time to time the reasonable market demand for gas and oil, limiting the total production to the amount of demand, and prorating that among the several producers. Thompson v Consolidated Gas Utilities Corp. 300 US 55, 81 L Ed 510, 57 S Ct 364.

Ballentine's law dictionary. . 1998.

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