A bill to extend and strengthen Subsection (l) of Section 2403 of 50 U.S.C. App. (the McKinney Amendment to the Export Administration Amendments of 1977).

Amends the Export Administration Act of 1969 to permit the exportation of domestically produced crude oil in exchange for the same quantity of oil, if such exchange achieves lower prices for U.S. consumers. Repeals the time limit on the prohibition of oil exports.

Revises the conditions under which crude oil may be exported or exchanged to require: (1) a finding by the President verified by the General Accounting Office that such export or exchange results in lower acquisition costs and reduced prices; and (2) congressional approval within 60 days. Permits the exportation of oil to friendly foreign countries pursuant to bilateral international agreements if the President first reports to Congress and keeps Congress continually informed. Requires such exports to cease if Congress disapproves.