A bill to amend the Emergency Petroleum Allocation Act of 1973 to provide for the gradual decontrol of domestic crude petroleum prices.

Extends the provisions of the Emergency Petroleum Allocation Act for two years, until August 31, 1977.

Relates any increase in the price of old oil, as defined by the Federal Energy Administration, to a decrease in the rate of unemployment from the rate on the day of enactment of this Act.

Sets the ceiling prices of old oil and new oil, as defined by the Federal Energy Administration, at $9.00 and $12.75 per barrel, respectively. Provides for increases above such ceilings proportionate to increases in the cost of production indexes for such oil.