Crude Oil Allocation Act

[AI summary unavailable — showing source text] Crude Oil Allocation Act - Amends the Energy Petroleum Allocation Act of 1973 to establish a Crude Oil Allocation Office within the Federal Energy Administration. Directs the Office to maintain an accurate and current inventory of domestic crude oil reserves. Requires petroleum and refinery companies to file monthly reports with the Office disclosing information relating to crude oil sales and purchases. Requires petroleum and refining companies to make fair and equitable allocation of all petroleum products refined or manufactured from crude oil. Prohibits sale or transfer of domestic crude oil or petroleum to foreign customers in any year in which such products are imported into the United States. Directs the Office to establish regulations governing allocations under this Act. Stipulates that such allocations shall be made in a monthly basis. Imposes criminal penalties for failure to comply with the provisions of this Act.…