A bill to provide for the phased removal of price controls on domestic petroleum, and for other purposes.

Defines the terms "base production control level crude petroleum," "new crude petroleumm" "old crude petroleum," "released crude petroleum," and "enhanced recovery crude petroleum" for purposes of the Emergency Petroleum Allocation Act.

Provides for the phased removal of price controls on domestic petroleum pursuant to such Act according to the following schedule: (1) as of July 1, 1975, 20 percent of the base production control level crude production shall not be controlled; (2) as of July 1, 1976, 40 percent shall not be controlled; (3) as of July 1, 1977, 60 percent shall not be controlled; and (4) as of July 1, 1978, 80 percent shall not be controlled. Terminates the Presidents' authority to control domestic petroleum prices as of July 1, 1979.