A bill to suspend for a 90-day period the authority of the President under section 232 of the Trade Expansion Act of 1962 or any other provision of law to increase tariffs, or to take any other import adjustment action, with respect to petroleum or products derived therefrom; to negate any such action which may be taken by the President after January 15, 1975, and before the beginning of such 90-day period.

(Reported to House from the Committee on Ways and Means with amendment, H. Rept. 94-1)

Suspends for the 90-day period beginning on the date of enactment of this Act any authority the President might have to adjust imports of petroleum and petroleum products. Negates any Presidential action to adjust petroleum imports taken after January 15, 1975, and before the date of enactment, and provides for the rebate of any duties or import fees or taxes levied and collected pursuant to any such action upon request. Provides that the suspension of Presidential authority to adjust petroleum imports will cease if at any time during the 90-day period war is declared, a national emergency occurs, or situations involving the commitment of United States Armed Forces arise. Provides that this Act shall not affect the import license fee system on petroleum and petroleum products which was in effect on January 15, 1975.

Provides for an increase of the present temporary public debt limitation by $131,000,000,000 through June 30, 1975.