A bill to amend the Emergency Petroleum Allocation Act of 1973 to provide incentives for the enhanced recovery of domestic oil reserves by water-flooding techniques and by enhanced recovery techniques.

Amends the Emergency Petroleum Allocation Act of 1973 to authorize the President to exempt crude oil produced from conventional waterflooding or enhanced recovery techniques from price controls imposed by such Act. Establishes criteria for determining whether or not an exemption is justified in view of increased costs associated with such techniques, and other factors.