The President may, by rule, require that persons engaged in producing, transporting, refining, distributing, or storing petroleum products, take such action as he determines to be necessary for implementation of the obligations of the United States under chapters III and IV of the international energy program insofar as such obligations relate to the international allocation of petroleum products. Allocation under such rule shall be in such amounts and at such prices as are specified in (or determined in a manner prescribed by) such rule. Such rule may apply to any petroleum product owned or controlled by any person described in the first sentence of this subsection who is subject to the jurisdiction of the United States, including any petroleum product destined, directly or indirectly, for import into the United States or any foreign country, or produced in the United States. Subject to subsection (b)(2), such a rule shall remain in effect until amended or rescinded by the President.
42 U.S. Code § 6271 - International oil allocations
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(a) Authority of President to prescribe rules for implementation of obligations of United States relating to international allocation of petroleum products; amounts of allocation and prices; petroleum products subject to rule; term of rule
(b) Prerequisites to rule taking effect; time rule may be put into effect or remain in effect
(1) No rule under subsection (a) may take effect unless the President—
(c) Consistency of rule with attainment of objectives specified in section 753(b)(1)  of title 15; limitation on authority of officers or agencies of United States
Any rule under this section shall be consistent with the attainment, to the maximum extent practicable, of the objectives specified in section 753(b)(1) 1 of title 15.
(d) Nonapplicability of export restrictions under other laws
(e) Prerequisites for effectiveness of ruleNo rule under this section may be put into effect unless—
an international energy supply emergency, as defined in the first sentence of section 6272(k)(1) of this title, is in effect; and
the allocation of available oil referred to in chapter III of the international energy program has been activated pursuant to chapter IV of such program.
 See References in Text note below.
References in Text
Section 753 of title 15, referred to in subsec. (c), was omitted from the Code pursuant to section 760g of Title 15, Commerce and Trade, which provided for the expiration of the President’s authority under that section on Sept. 30, 1981.