A bill to prohibit the export of agricultural grain to any country which reduces the quantity of oil normally exported by such country to the United States, and for other purposes.

Provides that whenever the President finds that any country: (1) in order to influence the foreign policies of the United States, effectuates a plan to reduce the amount of crude oil or refined petroleum products exported by it to the United States below the amount exported in 1972, or (2) on or after the date of enactment of this Act, nationalizes or expropriates property of any company which is engaged in the production or refining of crude oil and which is owned by citizens or nationals of the United States, he shall immediately prohibit exports from the United States to such country of wheat, corn, oats, grain sorghum, barley, or other grain, and shall take action to prevent any other country from reexporting any such commodity produced in the United States.

States that any prohibition imposed by the President under the provisions this Act shall continue until the President determines that: (1) the plan to reduce the amount of crude oil or refined petroleum products exported to the United States has been completely abandoned, or (2) the property nationalized or expropriated has been returned in full to the company from which it was taken, or until such company has been fully compensated for such property.

Directs the President to keep the Congress currently informed of all actions taken under this Act.