Propane Allocation Act

Propane Allocation Act - States the purpose of the Act of requiring the Administrator of the Federal Energy Administration to deal on a temporary basis with propane shortages to minimize their impact. Directs the Administrator, within given limitations, to regulate the equitable allocation of propane and its wholesale price. Outlines procedures for computing the price of propane recovered from oil and that derived from gas.

Terminates authority granted under this Act at midnight, June 30, 1976, except for actions or pending proceedings not finally determined and actions and proceedings based upon any act committed prior to that date.

Provides that willful violators may be fined not more than $5000 for each violation. Subjects any violator to a civil penalty of not more than $2500 for each violation. Grants United States district courts exclusive original jurisdiction of all cases or controversies arising under this Act, subject to enumerated conditions.

Preempts State and local law whenever there is a conflict involving the allocation of propane. Mandates submission to the Attorney General of any proposed regulations on allocation. Directs the Attorney General to advise the President on the possible effect of such regulations on anticompetitive practices, and to suggest any alternatives which might be more consistent with the antitrust laws.

Requires that whenever two or more individuals involved in the propane business meet, confer, or communicate in such a manner as might be construed to violate the antitrust laws, they shall do so only: (1) upon a personal or delegated order of the Administrator, specifying and limiting the subject matter and objectives, and (2) in the presence of a representative of the Department of Justice's Antitrust Division, with a verbatim transcript taken and deposited for public inspection with the Attorney General and the Federal Trade Commission.

Restricts, to levels of prior usage, purchase or use of propane for feedstock for any synthetic natural gas or peak shaving for any gas utility.