A bill to require a reduction in the duty imposed on oil under section 232 of the Trade Expansion Act of 1962 equal to the increase in the price of such oil imposed by the Organization of Petroleum Exporting Countries during the remainder of 1975.
Organization of Petroleum Exporting Countries Oil Price Reduction Act - Provides that if the Organization of Petroleum Exporting Countries increases its publicly announced price for crude oil, natural gas, or products between September 1, 1975, and December 1, 1975, then the President shall reduce, but not below zero, the amount of any duty, license fee, supplemental fee, or other charge, imposed under the Trade Expansion Act, on imports of such oil, gas, or products by an amount equal to such increase.
Referred to House Committee on Ways and Means.
Introduced in Senate
Referred to Senate Committee on Finance.
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