Page:United States Statutes at Large Volume 89.djvu/1011

 PUBLIC LAW 94-163—DEC. 22, 1975

89 STAT. 951

"(c)(1) Any such amendment which, with respect to a class of persons or class of transactions (including transactions with respect to any market level), exempts crude oil, residual fuel oil, or any refined petroleum product or refined product category from the provisions of the regulation under section 4(a) as such provisions pertain to either 15 USC 753. (A) the allocation of amounts of any such oil or product, or (B) the specification of price or the manner for determining the price of any such oil or product, or both of the matters described in subparagraphs (A) and (B), may take effect only pursuant to the provisions of this subsection. " (2) The President shall submit any amendment referred to in para- Amendment, graph (1) to the Congress in accordance with the procedures specified submittal to in section 551 of the Energy Policy and Conservation Act. Any such Congress. amendment shall be accompanied by a specific statement of the Presi- Post, p. 965. dent's rationale for such amendment and the matter described in subsection (d) of this section. Such an amendment— " (A) may apply only to one oil or one refined product category; "(B) may apply to the matters specified in either subparagraph (A) or (B) of paragraph (1) of this subsection, or both; and "(C) may provide for scheduled or phased implementation. "(3) As used in this section the term 'refined product category' "Refined product category." means— "(A) motor gasoline; " (B) Number 2 oils (Number 2 heating oil and Number 2-D diesel fuel); "(C) propane; or "(D) all or any portion of other refined petroleum products as a class (including natural gas liquids and natural gas liquid products, other than propane). "(4) Such an amendment shall not take effect if either House of Congress disapproves such amendment in accordance with the procedures specified in section 551 of the Energy Policy and Conservation Act. "(d)(1) The President shall support any amendment described in subsection (b) which is transmitted to the Congress under subsection (c) of this section with a finding that such amendment is consistent with the attainment of the objectives specified in subsection 4(b)(1) and in the case of— "(A) any exemption described in subsection (c)(1)(A), with a finding that such oil or refined product category is no longer in short supply and that exempting such oil or refined product category will not have an adverse impact on the supply of any other oil or refined petroleum product subject to this Act; and "(B) any exemption described in subsection (c)(1)(B), with a finding that competition and market forces are adequate to protect consumers and that exempting such oil or refined product category will not result in inequitable prices for any class of users of such oil or product. "(2) Any amendment which the President submits to the Congress Statement. under subsection (c) of this section shall be accompanied— " (A) by a statement of the President's views as to the potential economic impacts (if any) of such amendment which, where practicable, shall include his views as to— "(i) the State and regional impacts of such amendment (including effects on governmental units); "(ii) the effects of such amendment on the availability of consumer goods and services; the gross national product; competition; small business; and the supply and availability

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