Emergency Preparedness Act of 1984

Emergency Preparedness Act of 1984 - Title I: Strategic Petroleum Reserve - Amends the Energy Policy and Conservation Act to prohibit the President from permitting the level of petroleum products acquisition, transportation, and injection activities for the strategic petroleum reserve from falling below 186,000 barrels per day on average in FY 1985, and thereafter, below that sufficient to fill in each fiscal year all permanent and temporary capacity available in strategic petroleum reserve facilities.

Authorizes the President to establish by rule programs which provide in advance of an oil supply disruption for the sale of oil from the strategic petroleum reserve. Permits only the sale of such volumes of strategic petroleum reserve oil as the President determines is consistent with national security interest and international obligations.

Title II: Emergency Financial Response - Directs the President to establish by rule a standby plan to be implemented during a petroleum supply disruption and to be funded by an emergency appropriation to provide emergency financial assistance to State Governors and U.S. residents. Requires the proposed standby plan, to the maximum extent practicable, to provide for: (1) economic efficiency in all sectors of the economy; (2) the mitigation of extreme personal hardship caused by the petroleum supply disruption; (3) essential public services; and (4) the protection of public safety, health, and welfare. Requires the emergency distribution of funds to each State Governor to enable each Governor, to the maximum extent practicable, to mitigate the effects of higher oil prices on: (1) low-income people; (2) public services; (3) public health, saftety, and welfare activities; and (4) other priority activities,

Directs the President, within 90 days of enactment of this Act, to issue a notice of proposed rulemaking for the standby plan.