A bill to amend the Emergency Petroleum Allocation Act of 1973 to provide for a temporary freeze on the national average price of domestic crude oil, residual fuel oil, and refined petroleum products.

Requires the President of the United States, under the Emergency Petroleum Allocation Act, to freeze the price of crude oil, residual fuel oil, and refined petroleum products for 90 days at the price level measured on January 1, 1975.

States that after such 90 day period the President may permit price increases in oil and petroleum products if he determines that such oil or product is no longer in short supply and that competition and market forces are adequate to protect industrial and individual consumers from price gouging.

Requires the President to submit such proposed deregulation of price to the Congress, together with an evaluation of the potential economic impacts, if any.

Provides that if either House of Congress passes a resolution disapproving such price increase within 15 days after receiving the proposal, it will not take effect.