Description: TO PASS S. 621.
Bill summary: (Mesure passed Senate, amended, roll call #161 (47-36))
Petroleum Price Increase Limitation Act - Requires the President, within 30 days of enactment of this Act, to promulgate and implement an amendment to the Emergency Petroleum Allocation Act, which shall establish a price or prices for all crude oil, to be no greater than the price generally prevailing on January 31, 1975.
Prohibits a tariff, import fee, or quota which will have the effect of establishing a minimum price for any
domestically produced fuel or form of energy, except as provided under this Act.
Requires that price increases on crude oil or tariffs, import fees, and quotas be authorized by law or submitted to both HOuses of Congress for disapproval within 30 days. States that such submissions to the Congress shall be accompanied by a report containing information on the need, impact, and effects of such price increases or tariffs, import fees, and quotas.
Provides that where regulations under this Act provide for more than one price for a given grade and quantity of crude oil produced in a given area, such regulations shall provide that price of "enhanced recovery oil" shall be the highest price applicable.
Exempts refiners who produce 100,000 barrels of oil per day or less from the duty of purchasing entitlements for the first 50,000 barrels.
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Bill titles: A bill to prohibit for a period of 90 days the lifting of all price controls on domestic oil, and to thereafter require the submission to, and the right of review and disapproval of the Congress of such action within 30 days.
Original source documents: Digest of the Congressional Record vol. 121-69, p. S7293;
Links for more info on the vote: congress.gov