Summary: H.R.2156 — 96th Congress (1979-1980)All Information (Except Text)

There is one summary for H.R.2156. Bill summaries are authored by CRS.

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Introduced in House (02/15/1979)

Oil Import Purchase Authority Act of 1979 - Makes the Secretary of Energy responsible for the importation of petroleum into the United States. Provides that after October 1, 1979, no petroleum shall be imported except pursuant to a bid submitted to and accepted by the Secretary.

Imposes civil and criminal penalties on persons who import petroleum in violation of this Act.

Directs the Secretary to promulgate regulations for allocation by sale of all imported petroleum at prices not to vary more than ten percent above or below the cost of acquisition, taking into account the preservation of an economically sound and competitive petroleum industry and other factors.

Repeals the President's emergency authority to exercise the exclusive right to import and purchase petroleum under the Emergency Petroleum Allocation Act of 1973.