A bill to amend the Tariff Schedules of the United States to impose higher rates of duty on products derived from petroleum, to distribute the revenue from such increased rates of duty to States which consume such products.

[AI summary unavailable — showing source text] Imposes, under the U.S. Tariff Schedules, higher rates of duty on products derived from petroleum. Distributes the revenue from such increased rates of duty to States which consume such products. Directs the President to establish a program to allocate among importers the amount of residual fuel oils and middle distillates which may be entered or withdrawn from warehouses for consumption free of duty. Provides that such procedure shall be carried out by the issuance of a license to each eligible importer. Directs that such license shall be issued to any person who, in the determination of the Administrator of the Federal Energy Administrator, is enduring severe hardship.…