A bill to amend the Emergency Petroleum Allocation Act of 1973 to eliminate the exemption of the first sale of crude oil of certain leases from price controls.

Summary

States that, under the Emergency Petroleum Allocation Act, mandatory allocation by amounts shall not apply to the first sale of crude oil produced in the United States from any lease whose average daily production of crude oil for the preceding calendar year does not exceed ten barrels per well. States that, in such case, mandatory allocation by price shall apply. Provides, under the Mineral Leasing Act, as amended, that the first sale of crude oil and natural gas liquids produced from any lease whose average daily production of such substances for the preceding calendar month does not exceed ten barrels per well shall not be subject to any allocation program with respect to allocation by amounts for fuels or petroleum established pursuant to any Federal law for allocation of fuels or petroleum.

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1 official file

• Introduced in House

  summary · EN · 20 February 1974

  Open at official source

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