Emergency Petroleum Allocation Act

Energy Petroleum Allocation Act- Directs the President, not later than ten days after the date of enactment of this Act, to promulgate a regulation providing for the mandatory allocation of crude oil, residual fuel oil, and each refined petroleum product, in amounts and at prices specified in such regulation.

Sets forth certain factors to be considered by the President in promulgating such regulation, including the following: (1) protection of public health, safety, and welfare, and the national defense; (2) maintenance of all public services and agricultural operations; and (3) preservation of an economically sound and competitive petroleum industry.

States that the President may require such adjustments in the allocations of refined petroleum products and crude oil as may reasonably be necessary.

Provides that the regulation promulgated under this Act shall remain in effect until midnight February 28, 1975.

Makes provisions for the administration and enforcement of such regulation. Requires the Federal Trade Commission to moniter the program established under such regulation; and, not later than sixty days after the effictive of the regulation, to report to the President and to the Congress respecting the effectiveness of this Act and actions taken pursuant thereto.