A resolution to establish the sense of Congress regarding petroleum prices and to request that the President develop a plan to prevent the prices of petroleum and petroleum products from rising beyond levels reflecting actual supply and demand and for other purposes.

[AI summary unavailable — showing source text] Expresses the sense of the Congress that the President should develop a petroleum product price plan which includes: (1) steps to prevent prices from rising beyond actual supply and demand levels; (2) ceiling prices based upon acquisition and production costs as well as reasonable profit margins; (3) measures to discourage speculative spot market price variations; (4) civil remedies and penalties for exceeding the established ceiling prices; and (5) use of the sums collected through civil remedies to reduce the Federal deficit. Expresses the sense of the Congress that the Senate should enact legislation to implement such a plan if the President has not developed one by a specified deadline.…