A bill to amend the Emergency Petroleum Allocation Act of 1973 as amended, to exempt from the regulation under section 4 of that Act heavy crude oil which has a weighted average gravity of 25 degrees (API) or less, and to exempt such crude oil from any Federal windfall profit tax.

Amends the Emergency Petroleum Allocation Act of 1973 to exempt the first sale of heavy crude oil from the mandatory allocation regulations promulgated under such Act. Provides that such exemption shall not be subject to the President's authority to reimpose allocation requirements on any exempt oil.

Exempts heavy crude oil from any Federal windfall profit tax or other Federal excise tax.