Standby Petroleum Emergency Authority Act of 1981

[AI summary unavailable — showing source text] Standby Petroleum Emergency Authority Act of 1981 - Title I: Standby Petroleum Allocation and Price Control Authority - Amends the Energy Policy and Conservation Act to authorize the President to provide by regulation for the mandatory allocation of any petroleum product. Permits such regulations to be either mandatory emergency regulations effective upon promulgation or standby contingency regulations effective effective upon circumstances. Directs the President to promulgate an emergency preparedness plan consisting of standby contingency regulations. Prohibits the President from: (1) prescribing minimum prices; (2) imposing any tax; or (3) allocating gasoline or diesel fuel to end users through any system involving the issuance of ration coupons. Permits implementation of mandatory allocation regulations only if: (1) the President determines there is a severe petroleum supply interruption; and (2) the President transmits the regulations to Congress and Congress does not disapprove the regulations. Limits the duration of such regulations to 90 days, except that there they may be a 60-day extension. Provides that after the 60-day extension the President must make a new determinati…