A bill to amend the Trade Expansion Act of 1962 with respect to the powers of the President to adjust imports of petroleum and petroleum products.

Amends the Trade Expansion Act of 1962 to limit the President's authority to adjust imports petroleum or petroleum products to periods of: (1) congressionally declared war; (2) a national emergency declared under the National Emergencies Act; (3) a national emergency created by an attack on the United States; (4) U.S. Armed Forces involvement in hostilities pursuant to specific statutory authorization; and (5) U.S. Armed Forces involvement in hostilities under circumstances which require a report by the President to Congress pursuant to the War Powers Resolution.