OK SB300

Amends Oklahoma law to define "long-term gas supply agreement" as any natural gas contract with a term of 3-20 years.

Authorizes electric utilities to enter into long-term natural gas supply agreements and requires filing with the Corporation Commission for review and approval before execution.

Requires the Commission to determine if the utility acted prudently, if the agreement benefits consumers, and if it is in the public interest.

Prohibits the Commission from reversing its approval of a long-term gas supply agreement even if the market price of natural gas later becomes lower than the contract price.

Becomes effective July 1, 2011 with an emergency clause for immediate effect.