A bill to amend the Economic Stabilization Act of 1970 to adjust celling prices applicable to certain petroleum products and to permit retailers to such products to pass through increased costs.

Summary

Provides, under the Economic Stabilization Act of 1970, that not later than thirty days following enactment of this Act, the President or his delegate shall issue an order for the following: (1) stabilizing the wholesale prices of petroleum fuels at the September 7, 1973, levels; (2) requiring wholesalers of such fuels to notify the President or his delegate of any increase in the wholesale price for any such fuel at least fifteen days prior to the date on which such increase is put into effect; (3) establishing base prices for retail sales of each such fuel at the freeze price levels; and (4) permitting a passthrough of any cost increase incurred by retailers of such fuels. Defines 'freeze price' as the highest lawful price charged by a retailer of a petroleum fuel for such fuel during the period June 1, 1973, to June 8, 1973, or in the case of a retailer who had no transactions during such period, during the nearest preceding seven-day period in which he had a transaction.

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Documents

1 official file

• Introduced in House

  summary · EN · 18 September 1973

  Open at official source

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