A bill to amend section 4 of the Emergency Petroleum Allocation Act of 1973.

Exempts refiners whose total refining capacity on January 1, 1975, did not exceed one hundred thousand barrels per day from regulation promulgated under the Emergency Petroleum Allocation Act which would require the purchase of entitlement, or the payment of money through any other similar transfer arrangement aimed at equalizing the cost of crude oil domestic refiners during the existence of a two-tiered market for crude oil. Provides that this Act shall not restrict the rights of small refiners to receive such payments.