A bill to amend the Emergency Petroleum Allocation Act of 1973 to require the President to set a ceiling price on domestic crude oil not to exceed prices prevailing on October 1, 1973.

Requires the President, by rule, to set a ceiling price on all domestic crude oil at levels not to exceed levels prevailing on October 1, 1973, except that the President shall allow the price for any such oil to increase by the actual amount of increased costs of production occurring after October 1, 1973. States that any such reduction in the price of domestic crude oil shall be passed through dollar-for-dollar to any subsequent purchaser, reseller, or final consumer of crude oil, residual fuel oil, and refined petroleum products.

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