A bill to exempt crude oil produced from deep stripper wells from price and allocation regulations under the Emergency Petroleum Allocation Act of 1973.

[AI summary unavailable — showing source text] Amends the Emergency Petroleum Allocation Act of 1973 to allow the first sale of deep stripper well crude oil to be exempt from price regulation under such Act. Requires a well to be producing at the maximum feasible rate throughout a 12-month period in order to qualify for such exemption. Directs that deep stripper well crude oil which is high water-cut crude oil shall be treated as if each barrel limitation were one barrel higher for each full percentage point by which the water cut exceeds 90 percent.…