A bill to suspend for a 90-day period the authority of the President under section 232 of the Trade Expansion Act of 1962 or any other provision of law to increase tariffs, or to take any other import adjustment action, with respect to petroleum or petroleum products; and for other purposes.

Declares that for 90 days following enactment of this Act the President shall have no authority to adjust imports of petroleum or petroleum products.

Provides that any action taken by the President between January 15, 1975, and the date of enactment of this Act which results in the imposition of a duty tax or fee on petroleum or petroleum products shall cease to have effect on the date of enactment.

Allows the rebate of any amount paid as a tax or fee on petroleum products which was imposed by the President after January 15, 1975, and before enactment of this Act.