A bill to neutralize the impact of foreign oil price increases upon the domestic economy, by removing oil import tariffs and establishing a maximum price for domestically produced crude oil.

Authorizes and directs the President, commencing October 1, 1975, and for a period of 270 days thereafter, to promulgate a regulation providing a maximum price for domestically produced crude oil which shall not be in excess of $11.50 per barrel.

Withdraws as of October 1, 1975, any tax or fee on the importation of, and any rate or duty on, petroleum or any product derived therefrom which was imposed by the President in the interest of national security under the Trade Expansion Act of 1962 between January 1, 1975 and the date of enactment of this Act.

Provides for the refund of any tax, fee, or duty collected on or after October 1, 1975 on the importation of petroleum or any product derived therefrom. Requires that importers pass such refunds to their ultimate customers or purchasers on a dollar for dollar basis.