A bill to amend the Emergency Petroleum Allocation Act of 1973 so as to encourage and protect investments in research, exploration, development, and production of the energy resources of the United States, and to reduce the prices of energy sources and products.

Summary

Directs the President, under the provisions of the Emergency Petroleum Allocation Act, to specify the maximum and minimum prices which may be paid by importers for crude oil, residual fuel oil, refined petroleum products, natural gas, and coal. Specifies a maximum price of $9.50 per barrel of crude oil. Authorizes the President to lower minimum prices per barrel if world prices permit. Requires the President to establish maximum and minimum prices within which the first sale or exchange of domestic crude oil, residual fuel oil, refined petroleum products, natural gas, and coal must be made. Provides criminal penalties for violations of the provisions of this Act. Directs the President to issue a proclamation whenever he determines that any foreign country has placed a direct or indirect embargo on oil and petroleum product exports to the United States. States that such countries shall not be eligible for foreign aid, military, or financial assistance until such embargo ends. Stipulates that reductions in the prices of oil, petroleum products, gas, and coal must be passed through on a dollar-for-dollar basis to subsequent purchases or consumers.

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 Senate

  summary · EN · 13 February 1975

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.