Crude Oil Production Incentive Act of 1979

Summary

Crude Oil Production Incentive Act of 1979 - Amends the Emergency Petroleum Allocation Act of 1973 to exempt the first sale of new crude oil and the first sale of market incentive crude oil from the mandatory price and allocation regulations promulgated under such Act. Directs the President to establish ceiling prices applicable to first sales of old crude oil produced in the United States. Exempts from any regulation issued under the mandatory allocation provisions of such Act: (1) deep stripper well crude oil; (2) stripper well crude oil; (3) high water cut crude oil; and (4) marginal offshore crude oil. Exempts the first sale of enhanced recovery crude oil from such regulations. Requires that any applicant for such exemption shall submit an application to the appropriate regulatory body containing such information as required by such regulatory body. Sets forth criteria for approval of such applications. Directs the Administrator of the Economic Regulatory Administration of the Department of Energy, the United States Geological Survey, and State regulatory agencies to promulgate regulations implementing the provisions of this Act under their appropriate jurisdiction.

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1 official file

• Introduced in House

  summary · EN · 24 April 1979

  Open at official source

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