North Central Airlines, Inc. v. Continental Oil Company

MacKINNON, Circuit Judge:

Appellee-North Central Airlines, Inc. (“North Central”) and appellant-Continental Oil Company (“Conoco”) are parties to a contract for the purchase and supply of aviation fuel. North Central’s breach of contract claim involves the proper interpretation — or alternatively the continued legal effect of — a clause of the contract provid ing for adjustment of prices for aviation fuel based upon posted prices for the crude oil from which the aviation fuel is refined.

I. BACKGROUND

In June, 1969, the parties entered into a contract under which Conoco, a petroleum producer,…