A bill to amend the Economic Stabilization Act of 1970.

[AI summary unavailable — showing source text] Directs the President to issue an order to establish a ceiling on prices of crude oil and petroleum products at levels not greater than the highest levels pertaining to a substantial volume of actual transactions by each business enterprise or other person during the fourteen-day period ending January 19, 1974, for like or similar commodities, or if no transaction occured during such period, then the highest applicable level in the nearest preceding fourteen-day period. Provides that the President shall, by written order stating in full the consideration for his actions, roll back prices for crude oil and petroleum products to levels no higher than those prevailing in the seven-day period ending November 1, 1973, in order to reduce inflation. States that price increases announced after November 1, 1973 and made retroactive to dates prior to November 1, 1973, shall not be considered as having been in effect prior to such date for purposes of this subsection. Permits the President to make exceptions to compensate for increased costs for crude oil and petroleum products produced or refined outside the United States. Removes the exemption under the Economic Stabilization Act from price…