United States Petroleum Import Act

[AI summary unavailable — showing source text] United States Petroleum Import Act - Establishes the United States Petroleum Import Administration. States that the Administration shall act as the exclusive agent of the United States: (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. Provides that all crude oil and petroleum products purchased by the Administration pursuant to this act shall be sold to qualified buyers free on board the point of purchase. Directs the Administration to submit an annual report to the President for transmittal to the Congress. Authorizes the President to establish a program for the rationing and ordering of priorities among classes of end-users of crude oil, residual fuel oil, or any refined petroleum product, and for the assignment to end-users of such products of rights, and evidences of such rights, entitling them to obtain such products in precedence to other classes of end-users not similarly entitled. Stipulates that such rule s…