### Question
Can you define what reference price means?


### Answer
**Reference price** is defined as the following in *26 U.S.C. § 45K*:

> 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. § 45K*
  - Heading: **Subtitle A-Income Taxes > CHAPTER 1-NORMAL TAXES AND SURTAXES > Subchapter A-Determination of Tax Liability > PART IV-CREDITS AGAINST TAX > Subpart D-Business Related Credits**

