To authorize the President to allocate supplies of crude oil, residual fuel oil, and refined petroleum products, and to limit the prices thereof, during a severe petroleum supply shortage or a threat thereof, and for other purposes.
Emergency Oil Market Stability Act of 1990 - Amends the Energy Policy and Conservation Act to direct the President to promulgate and transmit to the Congress a standby regulation providing for mandatory allocation of petroleum products and, if deemed necessary, price limits on any petroleum product. Specifies emergency circumstances in which the President may implement such regulation. Mandates that the regulation include an optional standby program for crude oil sharing among refiners.
Declares the President shall have no authority to: (1) impose any tax, tariff, or user fee; (2) prescribe minimum petroleum prices; (3) establish a program for the assignment of rights for end-user purchases of gasoline or diesel fuel; or (4) restrict or allocate consumer petroleum inventories.
Preempts State and local law about petroleum product pricing or allocation, except where exempted by the President. Permits a Governor to implement a State set aside program for residual fuel oil or any refined petroleum and, if the President approves it, also win exemption.
Establishes a civil penalty for violation of the standby regulation.
Directs the President to collect information on a State-by-State basis regarding petroleum products pricing, supply, and distribution.
Terminates all authority under this Act on a specified date.
Introduced in House
Introduced in House
Referred to the House Committee on Energy and Commerce.
Referred to the Subcommittee on Energy and Power.
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