A bill to provide for increased petroleum production in the United States through the use of incentives for tertiary recovery processes in certain multiple small-owner fields.

[AI summary unavailable — showing source text] Amends the Emergency Petroleum Allocation Act of 1973 to exempt from ceiling price controls the first sales of crude oil produced and sold from unitized property under an agreement approved by a State regulatory body. Provides that to be eligible for such exemptions (1) a majority of the working interests must be made up of owners each having no more than three percent of the interest, and (2) it is necessary for such owners to finance the tertiary project. Requires the Secretary of Energy to be notified of such actions.…