A bill to amend the Trade Expansion Act of 1962 with respect to the powers of the President to adjust imports of petroleum and petroleum products.

[AI summary unavailable — showing source text] Amends the Trade Expansion Act of 1962 to limit the President's authority to adjust imports petroleum or petroleum products to periods of: (1) congressionally declared war; (2) a national emergency declared under the National Emergencies Act; (3) a national emergency created by an attack on the United States; (4) U.S. Armed Forces involvement in hostilities pursuant to specific statutory authorization; and (5) U.S. Armed Forces involvement in hostilities under circumstances which require a report by the President to Congress pursuant to the War Powers Resolution.…