In the case of Oklahoma Natural Gas Company v. Oklahoma, the U.S Supreme Court ruled in favor of the state, upholding its right to regulate natural gas prices within its borders. The court found that while interstate commerce was under federal jurisdiction, intrastate commerce fell under state control. Therefore, it was within Oklahoma's rights to establish a commission to oversee and set fair rates for natural gas sold by companies operating within the state. This decision affirmed states' power over local business operations and their ability to protect consumers from potential price gouging or unfair practices by utility companies.

In the dissenting opinion for Oklahoma Natural Gas Company v. Oklahoma, Justice Holmes argued that the state of Oklahoma had not violated any constitutional rights by imposing a tax on gas companies operating within its borders. He contended that it was within the power of states to levy taxes as they saw fit and this did not infringe upon interstate commerce regulations or constitute an unjust taking without due process. Furthermore, he noted that if such taxes were deemed unconstitutional simply because they affected businesses involved in interstate trade, then virtually all state taxation could be called into question under similar reasoning. Thus, he disagreed with the majority's ruling which struck down these taxes as unconstitutional.