Description: TO PASS H.R. 4035. (SEE R.C. 267).
Bill summary: (House agreed to conference report, roll call #404 (239-172))
Petroleum Pricing Review Act - Authorizes the President to prescribe an amendment to the regulation under the Emergency Petroleum Allocation Act of 1973 exempting crude oil, residual fuel oil, or any refined petroleum product from the provisions of such regulation pertaining to allocation or pricing of such products.
Prescribes procedures whereby either House of the Congress may disapprove such an amendment.
Requires the President,
with such a proposed amendment, to submit his findings regarding the need for it; the effect on prices of petroleum products; the effect on domestic production and consumption of petroleum products; and the impact upon living costs, employment, and real income.
Exempts from the procedural requirements of this Act changes in the pricing and allocation regulation if: (1) the purpose of such amendment is to take into account decline in field production or significant increases in the cost of production of crude oil resulting from the use of secondary or tertiary recovery methods; and (2) such amendment would not permit increases in the price of old crude oil or any classification thereof so as to result in a national average price of old crude oil which exceeds by more than 50 cents per barrel the January 1, 1975, base price.
States that no such amendment which takes effect after January 1, 1975, and prior to the date of enactment of this Act, may remain in effect for a period of longer than 30 days after such date of enactment, and the President shall rescind any such amendment within such 30-day period, unless such amendment is transmitted to the Congress within such 30-day period for review under the provisions of this Act.
States that not later than 30 days after the date of enactment of this Act, the President shall promulgate and put into effect an amendment which shall specify a price or prices for all crude oil produced in the United States which is not old crude oil.
States that such price or prices shall not be, or result in, a price or prices for such oil which are greater than the price or prices generally prevailing on January 31, 1975, for crude oil subject to such amendment.
States that insofar as any regulation shall require the purchase of entitlements, or the payment of money through any other similar cash transfer arrangement aimed at equalizing the cost of crude oil to domestic refiners, such regulation shall exempt from such requirement the first 50,000 barrels per day of any refiner whose total refining capacity did not exceed on January 1, 1975, 100,000 barrels per day.
Extends through December 31, 1975, the allocation and price control authorities of the Emergency Petroleum Allocation Act and the coal conservation and energy data gathering authorities contained in the Energy Supply and Environmental Coordination Act.
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Bill titles: A bill to provide for more effective congressional review of administrative actions which exempt petroleum products from the Emergency Petroleum Allocation Act of 1973, or which result in a major increase in the price of domestic crude oil; and to provide for an interim extension of certain expiring energy authorities.
Original source documents: Digest of the Congressional Record vol. 121-87, p. H4977;
Links for more info on the vote: congress.gov