A bill to exempt the first sale of certain categories of crude oil from Government price controls.

Provides that the first sale of the following categories of crude oil shall not be subject to price restraints established pursuant to the Economic Stabilization Act or the Emergency Petroleum Allocation Act: (1) crude oil produced from any lease whose average daily production for the preceding twelve-month period does not exceed ten barrels per well, and (2) crude oil produced from any well put into production on or after the date of enactment of this Act by any oil producer who produces only crude oil or natural gas in the United States and who does not own or control any transporting, refining, or marketing facilities.