A resolution to establish the sense of Congress regarding petroleum prices and to request that the President develop a plan to prevent the prices of petroleum and petroleum products from rising beyond levels reflecting actual supply and demand and for other purposes.

Expresses the sense of the Congress that the President should develop a petroleum product price plan which includes: (1) steps to prevent prices from rising beyond actual supply and demand levels; (2) ceiling prices based upon acquisition and production costs as well as reasonable profit margins; (3) measures to discourage speculative spot market price variations; (4) civil remedies and penalties for exceeding the established ceiling prices; and (5) use of the sums collected through civil remedies to reduce the Federal deficit.

Expresses the sense of the Congress that the Senate should enact legislation to implement such a plan if the President has not developed one by a specified deadline.