A bill to amend the Emergency Petroleum Allocation Act of 1973, and for other purposes.

[AI summary unavailable — showing source text] States that it is the purpose of this Act to insure the free flow of oil in foreign and interstate commerce at the lowest possible price. Revises the Emergency Petroleum Allocation Act by providing 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. Establishes a fine for importation in violation of such requirement. Sets forth the functions of the Administration. States that the Administration shall act as the exclusive agent of the United States in buying and selling petroleum products. Directs the Administration to function without loss or profit. Authorizes the appropriation of such sums as may be necessary to carry out the purposes of this Act. Requires the Administrator to submit to the President, for transmittal to Congress, an annual report which shall include a financial accounting of purchases and sales by the Administration together with recommendations by the Administrator for additional necessary legislation. States that the General Accounting Office shall audit th…