89 STAT. 950
PUBLIC LAW 94-163—DEC. 22, 1975 EVALUATION OF REGtHLATION UNDER THE ALLOCATION ACT
SEC. 454. The Emergency Petroleum Allocation Act of 1973, as 15 USC 751 note. amended by this Act, is further amended by adding at the end thereof the following new section: REEVALUATION OF SECTION 4 (a) REGULATION Notice.
15 USC 760.
15 USC 753. Transcript.
Report to Congress.
Infra.
"SEC. 11. (a) Not later than 60 days after the date of enactment of this section, the President shall give appropriate notice and afford interested persons an opportunity to present written and oral data, views, and arguments respecting the appropriateness of, or the continuing need for, the application of any provision of the regulation promulgated under section 4(a) as such provision relates to the attainment of the objectives specified in section 4(b)(1) of section'4. A transcript shall be kept of any such oral presentations of data, views, and argument. "(b) The President shall, after consideration of such written and oral presentations and such other information as may be available to him— "(1) analyze such presentations and report thereon to the Congress within 120 days after the date of enactment of this section; and " (2) shall promulgate, pursuant to the limitations and authority under section 12, such amendment, or amendments, to the regulation promulgated under section 4(a) as he determines are necessary or appropriate— " (A) to modify any provisions of such regulation in a manner which is consistent with the attainment, to the maximum extent practicable, of objectives specified in section 4(b)(1); or " (B) to eliminate any provisions of such regulation no longer necessary to provide for the attainment of such objectives.". CONVERSION TO STANDBY AUTHORITIES
SEC. 455. The Emergency Petroleum Allocation Act of 1973, as amended by this Act, is further amended by adding at the end thereof the following new section: "CONVERSION M E C H A N I S M TO STANDBY AUTHORITIES
15 USC 760a.
Ante, p. 942.
"SEC. 12. (a) The President may not amend the regulation under section 4(a) in any manner which— "(1) exempts crude oil produced in the United States from any provision of such regulation required to be made a part of such regulation by section 8; or "(2) results in making such regulation, as so amended, inconsistent with any limitation or other requirement specified in section 8. "(b) Except as provided in subsection (a), the President may amend the regulation under section 4(a) if he determines that such amendment is consistent with the attainment, to the maximum extent practicable, of the objectives specified in section 4(b)(1) and that the regulation, as amended, provides for the attainment, to the maximum extent practicable, of such objectives.
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