Emergency Petroleum Allocation Act of 1973

Emergency Petroleum Allocation Act - States that the purpose of this Act is to grant to the President of the United States and direct him to exercise specific temporary authority to deal with shortages of crude oil, residual fuel oil, and refined petroleum products or dislocations in their national distribution system. Declares that the authority granted under this Act shall be exercised for the purpose of minimizing the adverse impacts of such shortages or dislocations on the American people and the domestic economy.

Provides that, not later than fifteen days after the date of enactment of this Act, the President shall promulgate a regulation providing for the mandatory allocation of crude oil, residual fuel oil, and each refined petroleum product, in amounts specified in (or determined in a manner prescribed by) and at prices specified in (or determined in a manner prescribed by) such regulation. States that such regulation shall take effect not later than fifteen days after its promulgation.

Declares that in specifying prices, such regulation shall provide for: (1) a dollar-for-dollar passthrough of net increases in the cost of crude oil, residual fuel oil, and refined petroleum products to all marketers or distributors at the retail level; and (2) the use of the same date in the computation of markup, margin, and posted price for all marketers or distributors of crude oil, residual fuel oil and refined petroleum products at all levels of marketing and distribution.

Provides that the mandatory allocation program established under the regulation shall be so structured as to result in the allocation, during each period during which the regulation applies, of each refined petroleum product to each branded independent marketer, each nonbranded independent marketer, each small refiner and each independent refiner, and of crude oil to each small refiner and independent refiner, in an amount not less than the amount sold or otherwise supplied to such marketer or refiner during the corresponding period of 1972, adjusted to provide: (1) in the case of refined petroleum products, a pro rata reduction in the amount allocated to each person engaged in the marketing or distribution of a refined petroleum product if the aggregate amount of such product produced in and imported into the United States is less than the aggregate amount produced and imported in calendar year 1972; and (2) in the case of crude oil, a pro rata reduction in the amount of crude oil allocated to each refiner if the aggregate amount produced in and imported into the United States is less than the aggregate amount produced and imported in calendar year 1972.

Requires the President to report to the Congress monthly, beginning not later than January 1, 1974, with respect to any change after calendar year 1972 in: (1) the aggregate share of nonbranded independent marketers, (2) the aggregate share of branded independent marketers, and (3) the aggregate share of other persons engaged in the marketing or distributing of refined petroleum products of the national market or the regional market in any refined petroleum product (as such regional markets shall be determined by the President).

States that if allocation of any increase of the amount of any refined petroleum product produced in or imported into the United States in excess of the amount produced or imported in calendar year 1972 contributes in a significant increase in any market share described above, the President shall by order require an equitable adjustment in allocations of such product.

Provides that the President may, by order, require such adjustments in the allocations of refined petroleum products and crude oil established under the regulation as he determines may reasonably be necessary.

Declares that if at any time after the date of enactment of this Act the President finds that application of the regulation to crude oil, residual fuel oil, or a refined petroleum product is not necessary to carry out this Act, that there is no shortage of such oil or product, and that exempting such oil or product from such regulation will not have an adverse impact on the supply of any other oil or refined petroleum products subject to this Act, he may prescribe an amendment to the regulation exempting such oil or product from such regulation for a period of not more than ninety days. Requires the President to submit any such amendment and any such findings to the Congress.

Directs the Federal Trade Commission to monitor the program established under such regulation; and, not later than sixty days after such effective date, shall report to the President and to the Congress respecting the effectiveness of this Act and actions taken pursuant thereto.