A bill to amend the Internal Revenue Code of 1954 to provide that the windfall profit tax shall not apply to an amount of crude oil equal to the amount of residual fuel oil used in tertiary recovery processes.

Amends the Internal Revenue Code to exempt from the windfall profit tax an amount of crude oil equal to the amount of residual fuel oil used in the production of otherwise taxable crude oil. Defines "residual fuel oil." Disallows a depletion deduction for such exempt production oil.