A bill to amend the Emergency Petroleum Allocation Act of 1973 by adding at the end thereof a new section with respect to crude oil price regulation.

Prohibits any producer, under the Emergency Petroleum Allocation Act, from charging a price which is higher than the sum of the highest period price for that grade crude oil at that field, with a maximum of $1.35 per barrel.

Declares that this prohibition shall not take effect unless the President finds that there is in effect: (1) an inflation minimization tax; and (2) a production maximization tax consonant with the purposes of this Act.

Directs the President to conduct a study and to report to Congress on the effect of such price ceilings and taxes on the economy, imports of crude oil, and the production of domestic crude oil and other forms of energy.