Balance of Payments and Competition Improvements Act

Balance of Payments and Competition Improvements Act - States that it is the purpose of this Act to instill competition in the petroleum market, to reduce the cost of foreign petroleum, and to reduce the balance-of-payments deficit of the United States.

Declares that on June 30, 1975, and on June 30 of each year thereafter, the Secretary of the Treasury shall determine the dollar amount of petroleum which may be imported into this country during the October 1 through September 30 period following such determination.

Directs that the Administrator of the Federal Energy Administration shall be responsible for the importation of petroleum into the United States within the limits established by the Secretary. Prohibits, after October 1, 1975, the importation of petroleum into the United States except pursuant to a bid submitted and accepted by such administrator. Outlines the procedures for such bids.

Makes it the duty of the Administrator to promulgate regulations for the fair allocation by sale of all petroleum so imported into the United States.

Provides that funds for the purchase by the United States of imported petroleum shall be appropriated from the general revenues of the United States Treasury. Stipulates that moneys realized from the sale of imported petroleum be promptly returned to the general revenues.