National Energy Emergency Act

[AI summary unavailable — showing source text] National Energy Emergency Act - Title I: Statement of Findings and Purposes - States that the purpose of this Act is to grant to the President of the United States, and direct him to exercise, specific temporary authority to deal with shortages of crude oil, residual fuel oil, refined petroleum products, and other fuels, or dislocations in their national distribution system. Title II: Emergency Fuel Shortage Contingency Programs - Declares that the current and imminent fuel shortages have created a nationwide energy emergency. Authorizes the President, for the duration of the energy emergency, to enter into appropriate understandings, arrangements, or agreements with foreign states, or foreign nationals, or international organizations, to adjust and allocate imports of fossil fuels, or take such other action as he deems necessary, with respect to trade in fossil fuels, in order to achieve the purposes of this Act. Provides that any such formal agreement shall be submitted to the Senate of the United States, and shall be operative, but shall not become final until the Senate has had fifteen days, no less than seven of which shall be legislative days, to disapprove of such agreement.…