A bill to repeal the Economic Stabilization Act of 1970 and simultaneously reenact provision relating to the authority of the President to allocate petroleum products.

Repeals the Economic Stabilization Act of 1970.

Authorizes the President to issue such orders and regulations as he deems appropriate, accompanied by a statement of reasons for such orders and regulations, to provide after public hearing, for the establishment of priorities of use and for systematic allocation of supplies of petroleum products including crude oil in order to meet the essential needs of various sections of the Nation and to prevent anticompetitive effects resulting from shortages of such products.

Establishes a fine not to exceed $5,000 for wilfull violations of any order or regulation issued under this Act.