Summary: H.R.5458 — 94th Congress (1975-1976)All Information (Except Text)

There is one summary for H.R.5458. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (03/25/1975)

Oil Import Purchase Authority Act - Provides that the Administrator of the Federal Energy Administration after October 1, 1975, to be responsible for the importation of petroleum into the United States. Prohibits the importation of petroleum into the United States after such date unless pursuant to a sale.

Requires the Administrator to promulgate regulations for the allocation by sale of all petroleum so imported.

Requires the Administrator to make adjustments in the prices paid by purchasers so that the average price paid is equal for all purchasers of a similar quality of petroleum.

Stipulates that funds for the purchase of petroleum be appropriated from the general revenues, and that moneys realized on the sale of such petroleum be returned to the general revenues.

Requires the Administrator to establish disciplinary rules for bidders who fail to perform in accordance with the terms of their bids.

Prohibits any officer or employee of the Energy Administration from disclosing any information relating to the bids. Specifies a fine not to exceed $100,000 for 10 years imprisonment, or both, for such disclosure.

Requires the Administrator to limit knowledge of the identity of bidders to six persons within the Administration.