Summary: H.R.7246 — 94th Congress (1975-1976)All Information (Except Text)

There is one summary for H.R.7246. Bill summaries are authored by CRS.

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Introduced in House (05/21/1975)

Fuel Allocation and Price Stabilization Act - Directs the President, after consultation with the Federal Energy Administration, to establish and periodically revise an annual ceiling on imported petroleum and petroleum products.

Directs the President to promulgate a regulation providing for the mandatory allocation of curde oil, residual fuel oil, and each refined petroleum product so that each State and territory or possession of the United States recives an equitable share of available resources.

Directs the President to promulgate a regulation to equalize the ceiling price throughout the United States at which each refined petroleum product and residual fuel oil is sold or exchanged consistent with reasonable variations in such prices to reflect different transportation costs and types or grades of such products or oil.