A bill to amend the Emergency Petroleum Allocation Act of 1973 to require the President to set a ceiling price of $7 per barrel for crude oil produced in the United States.

Provides, under the Emergency Petroleum Allocation Act, that the President shall be required to establish a ceiling price of $7 per barrel on crude oil produced in the United States. States that such action must be taken within 15 days after the date of enactment of this Act.