In the case of Oklahoma Operating Company v. Love et al., 1919, the U.S Supreme Court was asked to determine whether a state law that set rates for intrastate gas companies violated due process rights under the Fourteenth Amendment. The Oklahoma Operating Company argued that they were not given an opportunity to be heard before these rates were established and enforced by the Corporation Commission of Oklahoma, thereby violating their constitutional rights. However, after reviewing the facts and arguments presented in this case, it was determined by Justice Day that there had been no violation of due process as claimed by Oklahoma Operating Company because they had ample opportunities to challenge these rates in court before they went into effect but failed to do so. Therefore, it was held that while corporations are entitled to fair notice and hearing when their property interests are at stake under state laws or regulations; failure on their part to avail themselves of such opportunities cannot constitute a denial or deprivation thereof.

In the dissenting opinion for Oklahoma Operating Company v. Love et al., Justice McReynolds disagreed with the majority's decision to uphold a state law that allowed a commission to set rates for gas companies, arguing it violated due process rights under the 14th Amendment. He contended that this power should be reserved only for legislative bodies and not administrative agencies like commissions. Furthermore, he argued that such decisions could lead to arbitrary rate-setting without proper checks and balances in place, potentially causing harm to businesses by forcing them into unprofitable operations or even bankruptcy. The justice also expressed concern about potential bias within these commissions as they are often composed of individuals who may have vested interests in keeping rates low at the expense of fair profits for companies.