Emergency Petroleum Allocation Act Amendments of 1979 - Amends the Emergency Petroleum Act of 1973 to extend the period of the President's authority to set mandatory price controls on crude oil to October 1, 1981, and to provide for the phased removal of ceiling prices by means of a contingent plan to be submitted by the President to the Congress.

Directs the Congressional Budget Office to make a study of the amount of revenue which would accrue to the oil industry under the President's plan, over a four year period, and to make quarterly updates of such study.

Directs the Congressional Budget Office to examine any windfall tax measure enacted into law, and to make a determination that the tax meets certain specified minimum standards.