To authorize and require the President of the United States to allocate crude oil, residual fuel oil, and refined petroleum products to deal with existing or imminent shortages and dislocations in the national distribution system, which jeopardize the national economy, and public health, safety, and welfare.

Directs the President to promulgate a regulation providing for the temporary mandatory allocation of crude oil, including a provision that the retail sale of gasoline may not exceed $2.50 per gallon.

Prescribes additional provisions for: (1) protection of public health, safety, and welfare (including maintenance of residential heating and cooling), and the national defense and homeland security; and (2) maintenance of all public services (including municipal, cooperative, or investor-owned utilities and mass transportation facilities and services).

Instructs the President to direct the Secretary of Energy to develop criteria for determining the length of the mandatory allocation of crude oil, residual oil, and refined petroleum products under this Act, not to exceed one year.

Instructs the Secretary of Energy to develop criteria for declaring a fuel emergency in the future. Requires revival, in the event of such an emergency, of the authority under this Act for mandatory allocation of crude oil, residual oil, and refined petroleum products.