conversion to standby authorities

conversion to standby authorities Sec. 455. The Emergency Petroleum Allocation Act of 1973, as amended by this Act, is further amended by adding at the end thereof the following new section: “conversion mechanism to standby authorities “Sec. 12. (a) The President may not amend the regulation under section 4(a) in any manner which— “(1) exempts crude oil produced in the United States from any provision of such regulation required to be made a part of such regulation by section 8; or “(2) results in making such regulation, as so amended, inconsistent with any limitation or other requirement specified in section 8. “(b) Except as provided in subsection (a), the President may amend the regulation under section 4(a) if he determines that such amendment is consistent with the attainment, to the maximum extent practicable, of the objectives specified in section 4(b) (1) and that the regulation, as amended, provides for the attainment, to the maximum extent practicable, of such objectives. 89 STAT. 951 “(c) (1) Any such amendment which, with respect to a class of persons or class of transactions (including transactions with respect to any market level), exempts crude oil, residual fuel oil, or any refined petroleum product or refined product category from the provisions of the regulation under section 4(a) as such provisions pertain to either (A) the allocation of amounts of any such oil or product, or (B) the specification of price or the manner for determining the price of any such oil or product, or both of the matters described in subparagraphs (A) and (B), may take effect only pursuant to the provisions of this subsection. “(2) The President shall submit any amendment referred to in paragraph (1) to the Congress in accordance with the procedures specified in section 551 of the Energy Policy and Conservation Act. Any such amendment shall be accompanied by a specific statement of the President’s rationale for such amendment and the matter described in subsection (d) of this section. Such an amendment— “(A) may apply only to one oil or one refined product category; “(B) may apply to the matters specified in either subparagraph (A) or (B) of paragraph (1) of this subsection, or both; and “(C) may provide for scheduled or phased implementation. “(3) As used in this section the term ‘refined product category’ means— “(A) motor gasoline; “(B) Number 2 oils (Number 2 heating oil and Number 2–D diesel fuel); “(C) propane; or “(D) all or any portion of other refined petroleum products as a class (including natural gas liquids and natural gas liquid products, other than propane). “(4) Such an amendment shall not take effect if either House of Congress disapproves such amendment in accordance with the procedures specified in section 551 of the Energy Policy and Conservation Act. “(d) (1) The President shall support any amendment described in subsection (b) which is transmitted to the Congress under subsection (c) of this section with a finding that such amendment is consistent with the attainment of the objectives specified in subsection 4(b) (1) and in the case of— “(A) any exemption described in subsection (c) (1) (A), with a finding that such oil or refined product category is no longer in short supply and that exempting such oil or refined product category will not have an adverse impact on the supply of any other oil or refined petroleum product subject to this Act; and “(B) any exemption described in subsection (c)(1)(B), with a finding that competition and market forces are adequate to protect consumers and that exempting such oil or refined product category will not result in inequitable prices for any class of users of such oil or product. “(2) Any amendment which the President submits to the Congress under subsection (c) of this section shall be accompanied— “(A) by a statement of the President’s views as to the potential economic impacts (if any) of such amendment which, where practicable, shall include his views as to— “(i) the State and regional impacts of such amendment (including effects on governmental units); “(ii) the effects of such amendment on the availability of consumer goods and services; the gross national product; competition; small business; and the supply and availability 89 STAT. 952of energy resources for use as fuel or as feedstock for industry; and “(iii) the effects on employment and consumer prices; and “(B) in the case of an exemption described in subsection (c) (1) (B) of this section, by an analysis of the effects of such amendment on the rate of unemployment for the United States, the Consumer Price Index for the United States, and the implicit price deflator for the gross national product. “(e) In any judicial review of an amendment required by this section to be submitted to Congress in accordance with the procedures specified in section 551 of the Energy Policy and Conservation Act, the reviewing court may not hold unlawful or set aside any such amendment on the ground that any findings made by the President were not adequate to meet the requirements of subsection (c), (d), or (g) of this section or subparagraph (A), (E), or (F), of section 706(2) of title 5, United States Code. “(f) With respect to any oil or refined product category which is exempted pursuant to the provisions of this section, the President shall have authority at any time thereafter to prescribe a regulation or issue an order respecting either the allocation of amounts, or the specification of price or the manner for determining the price, of any such oil or refined product category upon a determination by him that such regulation or order is necessary to attain, and is consistent with, the objectives specified in section 4(b) (1). Any such oil or refined product category for which allocation or price requirements are reimposed under authority of this subsection may subsequently be exempted without regard to the provisions of subsection (c) of this section. “(g) Notwithstanding the provisions of subsection (e) of section 4, the President may, if he determines that the exemption from payments for certain small refiners required by such subsection— “(1) results in unfair economic or competitive advantage with respect to other small refiners; or “(2) otherwise has the effect of seriously impairing the President’s ability to provide in the regulation under section 4(a) for the attainment of the objective specified in section 4(b) (1) (D) and for the attainment of those other objectives specified in section 4(b) (1); submit, in accordance with the procedures specified in section 551 of the Energy Policy and Conservation Act, an amendment to modify the regulation under section 4(a) with respect to the provisions of such regulation as they relate to such exemption. Such amendment shall not take effect if disapproved by either House of Congress under the procedures specified in such section 551.”.