A bill to amend the Emergency Petroleum Allocation Act of 1973 to prohibit the President from exempting crude oil, residual oil, or any refined petroleum product from the provisions of the regulation under such act.

Amends the Emergency Petroleum Allocation Act of 1973 to prohibit the President from exempting crude oil, residual fuel oil, or any refined petroleum product from pricing regulations under such Act. Requires that any such exemptions granted prior to the enactment of this Act be rescinded by the President.