A bill to amend the Trade Expansion Act of 1962 in order to prohibit the sale, transfer of interest in, or exchange of allocations of imported petroleum.

Prohibits, under the Trade Expansion Act of 1962, the sale, transfer of interest in, or exchange of allocations of imported petroleum. Provides that any person who violates this Act shall, upon conviction, be fined not more than $10,000, or imprisoned for not more than two years, or both; and is ineligible to receive any allocation of petroleum under any petroleum import licensing system, established under the laws of the United States, for a period of five years beginning with the date of conviction. (Amends 19 U.S.C. 1862)