Section 1
SECTION 1. The Petroleum Price Standby Fund is hereby established to support the Oil Price Stabilization Fund (OPSF) to cover claims arising from transactions up to November 30, 1989 and, whenever feasible, to maintain oil prices at December 1, 1989 retail/pump price level. The Fund shall be deposited in the National Treasury and administered by the Office of the President. The administration, utilization, and disposition of the Petroleum Price Standby Fund herein established shall be subject to the audit jurisdiction of the Commission on Audit (COA) which shall promulgate the necessary accounting and auditing rules and regulations to carry out the provisions of this Act.