Summary: S.2655 — 94th Congress (1975-1976)All Information (Except Text)

There is one summary for S.2655. Bill summaries are authored by CRS.

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Introduced in Senate (11/11/1975)

Oil Import Control Act - Expresses findings of Congress. Sets forth the purposes of this Act which include to establish limits on imports of petroleum, to increase competition among crude oil producers, to minimize the economic and foreign exchange cost of petroleum to the United States and to provide equal access to petroleum imports for United States petroleum importers.

Defines terms as used in this Act.

Requires the President to promulgate an oil import allotment monthly, to be accompanied by an oil import plan consisting of a schedule of provisional allotments for the next 24 months.

Establishes guidelines for the allotment, including the quantity to be alloted. Directs the President to include an analysis of the impact of the allotment.

Provides for the issuance of oil import permits to petroleum importers by the President, in proportion to the volume of petroluem they imported in the last quarter of 1974 and the first three quarters of 1975. States that such permits shall be valid for the first month in which permits are required, thereafter permits shall be offered for sale to importers. Requires that the sale of such permits be by sealed bid auctions.

Provides that the President shall cause to be published a statistical analysis of each sale.

Creates an Oil Import Revolving Fund into which all receipts from the sale of import permits are to be deposited. Directs that the cost of implementing this Act shall be paid from such fund, with the remainder paid as a refund to importers or to the treasury as miscellaneous receipts.

Authorizes the appropriation of such funds as may be necessary to implement this Act.