Petroleum Price Rollback and Control Act

Summary

Petroleum Price Rollback and Control Act - Requires the President, under the provisions of the Energy Petroleum Allocation Act of 1973, to exercise his authority under such Act and the Economic Stabilization Act of 1970, as amended, to stabilize the price of domestic crude petroleum. Requires the price of domestic crude petroleum produced from any property to be stabilized at levels not to exceed levels prevailing on May 15, 1973, in accordance with orders and regulations prescribed under the Economic Stabilization Act of 1970, as amended. Provides that the President shall order the price for any such petroleum to increase by the actual amount of increased costs of production occurring after May 15, 1973. Requires that such orders shall (1) state procedures, (2) give adequate and sufficient public notice of any price exceptions, and (3) disallow any profit margins on any crude oil which is greater than the applicable such margin on May 15, 1973. Requires that the regulations under this Act shall apply to any sale of crude petroleum after the date of enactment of this Act and to any sale before such date pursuant to which the buyer first obtains the right to take possession of such petroleum after such date. Defines the terms used in this Act.

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Timeline

1. 5 June 1974

   Introduced

   Referred to Senate Committee on Interior and Insular Affairs.

   Source: IntroReferral

2. 5 June 1974

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

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Versions

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Documents

1 official file

• Introduced in Senate

  summary · EN · 5 June 1974

  Open at official source

Sponsors

• Sen. Abourezk, James [D-SD] · D · Sponsor
• Sen. Hart, Philip A. [D-MI] · D · Cosponsor
• · sseg00 · Standing

Related records

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