### Question
How is the term reference price defined?


### Answer
The term **reference price** is defined in *26 U.S.C. § 29* as the following:

> with respect to a calendar year the Secretary's estimate of the annual average wellhead price per barrel for all domestic crude oil the price of which is not subject to regulation by the United States

#### Citation:
  - *26 U.S.C. § 29*
  - Heading: **Subtitle A-Income Taxes > CHAPTER 1-NORMAL TAXES AND SURTAXES > Subchapter A-Determination of Tax Liability > PART IV-CREDITS AGAINST TAX > Subpart B-Other Credits**

