Oil Fair Pricing Act

Oil Fair Pricing Act - Title I: Crude Oil and Imported Petroleum Products - Amends the Emergency Petroleum Allocation Act of 1973 to direct the Federal Energy Regulatory Commission to establish a ceiling price for crude oil produced in each region (Petroleum Administration for Defense Districts) equal to the average wellhead prices on April 10, 1981, in each region, until the President determines that the Federal Oil Trading Corporation (established by this Act) is fully operational.

Requires the Economic Regulatory Administration to: (1) determine the average unit production costs of crude oil in each region and its profitability; (2) develop proposed pricing rules for oil in each region; (3) develop a method to adjust oil prices monthly; (4) determine prices to refiners; (5) develop a level of prices to refiners such that costs to the Corporation will be recovered under a policy of uniform prices to all refiners; and (6) prepare specified reports.

Directs the President within 30 days of the final report to prescribe prices which shall apply to the Corporation in its first year of operation.

Establishes the Federal Oil Trading Corporation. Prohibits, after the date the Corporation becomes fully operational, any person from: (1) selling crude oil to any person other than the Corporation; (2) selling imported crude oil or petroleum products to any person other than the Corporation; and (3) purchasing crude oil or imported petroleum products from any person other than the Corporation.

Requires the Corporation to sell all the crude oil and imported petroleum products it acquires to qualified refiners, with specified exceptions for periods of shortage and for diversions of crude oil into the Strategic Petroleum Reserve.

Requires the Corporation to annually: (1) propose pricing rules for the purchase and sale of crude oil and imported petroleum products; (2) report to the Congress and the President; (3) receive testimony relating to the rules; and (4) after completion of a public comment period, specify the annual pricing rules.

Sets forth provisions relating to the Corporation concerning: (1) the Board of Directors; (2) the Chairman; (3) Officers and employees; (4) the nonprofit nature of the Corporation; (5) the general authority of the Corporation; and (6) annual reporting requirements.

Establishes the Public Energy Fund into which revenue from activities of the Corporation shall be deposited. Provides that sums authorized to be appropriated to carry out this Act shall be deposited in the fund.

Requires an annual audit of the Corporation.

Title II: Domestic Petroleum Products - Requires the Economic Regulatory Administration to: (1) determine the profitability of domestic petroleum products to refiners and marketers; (2) develop a proposed price for each petroleum product at the wholesale level, the refinery, and retail level; (3) provide for the monthly adjustment of prices; and (4) prepare specified reports.

Directs the President within 30 days of the final report to establish pricing rules at the wholesale, refinery, and retail levels.

Title III: Emergency Authorities - Authorizes the President, if necessary to assure the attainment of the objectives of this Act, to: (1) require adjustments in the operations of any refinery with respect to the proportions of any petroleum product produced; (2) require adjustments in the amounts of crude oil or petroleum products held in inventory; (3) prohibit hoarding; and (4) require the allocation of any petroleum product in specified amounts.

Title IV: Administration and Enforcement - Provides that the administration and enforcement provisions of the Emergency Energy Petroleum Allocation Act of 1973 shall apply to this Act.