A bill to provide for more effective congressional review of administrative actions which exempt petroleum products from the Emergency Petroleum Allocations Act of 1973, or which result in a major increase in the price of domestic crude oil; and to provide for an interim extension of certain expiring energy authorities.

Revises the Emergency Petroleum Allocation Act to declare that any amendment to the regulation promulgated by the President permitting the national average price of crude oil to increase by more than 50 cents per barrel above the national average shall not take effect unless the President submits such amendment to the Congress for approval.

Requires the President to rescind any part of the regulation which permits the national average price of crude oil to increase by more than 50 cents per barrel above the national average price of old crude oil.

Permits the President to amend the regulation to exempt crude oil, residual fuel oil, or any refined petroleum product from the provisions of such regulation.

Requires the President to support any such proposed amendment to the regulation by finding that such exemption is consistant with the objectives of the Act, and by making other specified findings with respect to the exemption of an oil or oil product.

Requires the President to transmit any amendment to the regulation together with supporting documents and explanations to both Houses of Congress. Requires that any amendment transmitted to Congress be accompanied by a statement of the President's views of the potential economic impact of such amendment.

Postpones the termination of the regulation and extends the authority to amend the regulation to December 31, 1975.

Extends the authority of the Federal Energy Administration under the Energy Supply and Environmental Coordination Act to issue orders or rules to December 31, 1975.