A bill to exempt crude oil produced from deep stripper wells from price and allocation regulations under the Emergency Petroleum Allocation Act of 1973.

Amends the Emergency Petroleum Allocation Act of 1973 to allow the first sale of deep stripper well crude oil to be exempt from price regulation under such Act. Requires a well to be producing at the maximum feasible rate throughout a 12-month period in order to qualify for such exemption.

Directs that deep stripper well crude oil which is high water-cut crude oil shall be treated as if each barrel limitation were one barrel higher for each full percentage point by which the water cut exceeds 90 percent.