A bill to amend the Economic Stabilization Act of 1970.

Directs the President, immediately upon the enactment of this Act, to issue an order to establish a ceiling on prices of crude oil and petroleum products at levels not greater than the highest levels during the fourteen-day period ending January 19, 1974, for like or similar commodities.

Provides that, as soon as practicable, but not later than thirty days after the date of enactment of this Act, the President shall by written order roll back prices for crude oil and petroleum products to levels no higher than those prevailing in the seven-day period ending November 1, 1973, in order to reduce inflation.

Requires the President to issue rules to insure that all corporations or other entities engaging in sales of crude petroleum at the refinery level or petroleum products at the wholesale level reflect, in sales to any purchaser, the average costs of its foreign and domestic crude oil and petroleum products.