Page:United States Statutes at Large Volume 87.djvu/1228

 1196

PROCLAMATION 4210-APR. 18, 1973

[87 STAT.

determination as to whether such increase or increases are necessary to accomplish the national security objectives of section 232 of the Trade Expansion Act of 1962, as amended, and this proclamation." "SEC. 11 Annually, beginning May 1, 1974, the maximum levels of imports subject to allocation and license, to which license fees shall not be applicable, shall be reduced as follows: For the year commencing May 1, 1974, the maximum levels of such imports shall be ninety percent ( 9 0 %), in barrels per day, of the levels established during the calendar year 1973; i For the year commencing May 1, 1975, the maximum levels of such imports shall be eighty percent ( 8 0 %), in barrels per day, of the levels established during the calendar year 1973; For the year commencing May 1, 1976, the maximum levels of such imports shall be sixty-five percent ( 6 5 %), in barrels per day, of the levels established during the calendar year 1973; For the year commencing May 1, 1977, the maximum levels of such imports shall be fifty percent ( 5 0 %), in barrels per day, of the levels established during the calendar year 1973; For the year commencing May 1, 1978, the maximum levels of such imports shall be thirty-five percent ( 3 5 %), in barrels per day, of the levels established during the calendar year 1973; For the year commencing May 1, 1979, the maximum levels of such imports shall be twenty percent ( 2 0 %), in barrels per day, of the levels established during the calendar year 1973. ' ' Effective April 30, 1980, the system of issuing allocations and licenses not subject to license fee shall be abolished;. ,. Provided, That, with respect to any allocation period expiring prior to May 1, 1974, such allocation period shall be extended to April 30, 1974, and the Secretary shall issue appropriate regulations to issue additional oil import licenses to reflect such extension." "SEC. 12(a) Commitments and obligations contained in long-term allocations heretofore made of imports of crude oU into Puerto Rico shall be unimpaired by this proclamation or regulations issued thereunder. (b) Commitments and obligations contained in that certain allocation made to Hess Oil and Chemical Corporation of imports of finished products into Districts I-IV, dated December 12, 1967, effective January 1, 1968, shall be unimpaired by this proclamation or regulations issued thereunder."

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