A bill providing for the elimination of regional preferences relating to residual fuel oil or other petroleum imports.

Amends the Emergency Petroleum Allocation Act of 1973 to provide that any mandatory allocation regulation of crude oil, residual fuel oil, or refined petroleum products which requires a cash transfer arrangement to reduce disparities in the crude oil acquisition costs of domestic refiners shall not be effective if such arrangement (1) allows for adjustments for residual fuel oil or other petroleum products, and (2) such adjustment is not available on an equal basis in each region or area of the United States.

Prohibits the imposition or collection of any tariff, fee, or duty on the importation of residual fuel oil or any refined petroleum product unless such fee is imposed on an equal basis in each region and area of the United States.