A bill to amend the Emergency Petroleum Allocation Act of 1973 to provide for a temporary freeze on the national average price of domestic crude oil, residual fuel oil, and refined petroleum products.

Summary

Requires the President of the United States, under the Emergency Petroleum Allocation Act, to freeze the price of crude oil, residual fuel oil, and refined petroleum products for 90 days at the price level measured on January 1, 1975. States that after such 90 day period the President may permit price increases in oil and petroleum products if he determines that such oil or product is no longer in short supply and that competition and market forces are adequate to protect industrial and individual consumers from price gouging. Requires the President to submit such proposed deregulation of price to the Congress, together with an evaluation of the potential economic impacts, if any. Provides that if either House of Congress passes a resolution disapproving such price increase within 15 days after receiving the proposal, it will not take effect.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 6 February 1975

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.