Oil Price Control Act

[AI summary unavailable — showing source text] Title I: Crude Oil and Imported Petroleum Products: Oil Price Control Act -Amends the Emergency Petroleum Allocation Act of 1973 to provide that until the President determines that the Federal Oil Trading Corporation is established and fully operational: (1) no adjustment may be made to the base production control level of any property for the purpose of allowing crude oil to be treated as upper tier; (2) no adjustment may be made to the ceiling prices applicable to the existing categories of controlled crude oil, except to reflect changes in the Consumer Price Index; and (3) in the case of categories of domestically produced crude oil not subject to ceiling prices under the Act, a ceiling price shall be established by the Federal Energy Regulatory Commission for each such category equal to the average wellhead prices on December 1, 1980, for that category and no adjustment shall be made to any such ceiling price, except to reflect changes in the Consumer Price Index. Directs the Economic Regulatory Administration to, among other things: (1) conduct a study of the average unit production costs of each category of crude oil produced in the United States and its profitability under t…