Summary: H.R.10220 — 94th Congress (1975-1976)All Information (Except Text)

There is one summary for H.R.10220. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (10/20/1975)

Authorizes and directs the President, commencing October 1, 1975, and for a period of 270 days thereafter, to promulgate a regulation providing a maximum price for domestically produced crude oil which shall not be in excess of $11.50 per barrel.

Withdraws as of October 1, 1975, any tax or fee on the importation of, and any rate or duty on, petroleum or any product derived therefrom which was imposed by the President in the interest of national security under the Trade Expansion Act of 1962 between January 1, 1975 and the date of enactment of this Act.

Provides for the refund of any tax, fee, or duty collected on or after October 1, 1975 on the importation of petroleum or any product derived therefrom. Requires that importers pass such refunds to their ultimate customers or purchasers on a dollar for dollar basis.