Federal Petroleum Imports Control Act

[AI summary unavailable — showing source text] Federal Petroleum Imports Control Act - States that it is the purpose of this Act to instill competition in the imported and domestic petroleum market, to reduce the cost of foreign petroleum and to reduce the balance-of-payments deficit of the United States. Directs on June 30,1975. and on June 30 of each year thereafter, the Secretary of the Treasury, based upon a projected balance of payments commensurate with the Nation's economic security, to determine the dollar amount of petroleum which may be imported into this country during the October 1 through September 30 twelve-month period immediately following each such determination. Provides that determination shall be transmitted to the Federal Energy Administrator and made a matter of public record. States that the Administrator of the Federal Energy Administration, shall, after October 1, 1975, be responsible for the importation of petroleum into the United States within the limits established by the Secretary of the Treasury, and no petroleum shall thereafter be imported into the United Stated except in accordance with this Act. Provides that, after October 1, 1975, no petroleum shall be imported into the United States except …