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.

Declares that for 90 days following enactment of this Act the President shall have no authority to adjust imports of petroleum or petroleum products under the Trade Expansion Act or any other Federal law. Provides that in the event of a declaration of war, an attack upon the United States, or other involvement in hostilities by the Armed Forces within the 90 day period, this provision shall not thereafter apply.

Provides that any action taken by the President between January 15, 1975, and the date of enactment of this Act which results in the imposition of a duty tax or fee on petroleum or petroleum products shall cease to have effect on the date of enactment.

Allows a rebate of any amount paid as a tax or fee on petroleum products which was imposed by the President after January 15, 1975, and before enactment of this Act.