A bill to amend the Economic Stablization Act of 1970 to require the President to set a ceiling price on certain domestic crude petroleum not to exceed prices prevailing on May 15, 1973, adjusted for cost increases.

[AI summary unavailable — showing source text] States that the price of domestic crude petroleum (other than crude petroleum produced by independent producers or from stripper leases) produced from any property in amounts not in excess of the base production level, shall be stabilized at levels not to exceed levels prevailing on May 15, 1973, in accordance with orders and regulations prescribed under this Act; except that the President shall allow the price for any such petroleum to increase by the actual amount of increased costs of production occurring after May 15, 1973. Requires such regulations to take effect within one month of enactment of this Act and to remain in effect for one year.…