A bill to amend the Internal Revenue Code of 1954 to provide for the taxation of crude oil purchasing cooperatives.

Amends the Internal Revenue Code to grant tax-exempt status to crude oil purchasing cooperatives . Defines "crude oil purchasing cooperative" as a cooperative purchasing association all of whose members are independent refiners or cooperatives described in specified Internal Revenue Code provisions and which is organized and operated for purposes of: (1) purchase of crude oil and resale to members, nonmember independent refiners, and certain other nonmember cooperatives, and return of proceeds of such resales, less necessary expenses; (2) purchase of supplies and equipment for such parties at cost, plus necessary expenses; (3) trading and storage of crude oil; and (4) insurance of risks associated with the organization's activities.