Refined Petroleum Import Subsidy Act

Refined Petroleum Import Subsidy Act - Amends the Emergency Petroleum Allocation Act of 1973 to require the President to submit to Congress as an "energy action" any proposed regulation or amendment which requires, or has the effect of requiring, subsidy or other cost-reducing payments by producers, wholesalers, or refiners of domestic crude oil to importers of residual fuel oil or another refined petroleum product. Prohibits any regulation or amendment from taking or continuing in effect unless it is submitted to Congress. Allows it to take effect if neither House of Congress disapproves it within a specified period of time.

Requires the President, when submitting such regulation or amendment to Congress, to accompany it with a report on its impact on: (1) fuel supplies, prices, and competition; (2) the equitable distribution of costs and benefits among regions of the United States; (3) existing or imminent domestic fuel shortages; and (4) encouragement of domestic refiners to supply residual fuel oil or another refined petroleum product to import-dependent regions of the United States.