A bill to amend the Emergency Petroleum Allocation Act of 1973.

[AI summary unavailable — showing source text] Declares it the purpose of the Act to insure the free flow of oil in foreign and interstate commerce at the lowest possible price. Defines the terms used in this Act. Provides that on and after October 15, 1975, no person shall import into the United States any crude oil or refined petroleum product unless it has been purchased from the Federal Energy Administration, or manufactured from crude oil purchased from the Administration. Provides that any person violating this section shall be punished for each offense by a fine not exceeding $1,000,000 or by imprisonment not exceeding one year or both. Stipulates that the Administration shall act as the exclusive agent of the United States in: (1) purchasing crude oil produced outside the United States for importation into the United States; (2) purchasing crude oil produced outside the United States for sale to refiners outside the United States; and (3) purchasing refined petroleum products outside the United States for importation into the United States. Authorizes appropriations necessary to carry out the purposes of the Act. Makes it a crime punishable by a fine of up to $10,000, and imprisonment of up to ten years, or both, for a …