President Carter makes a brief statement announcing a ban on Iranian oil. Following his statement, administration officials take questions from reporters. Topics include: arrangements for the purchase of oil from other sources, the possible effect of the ban on hostage negotiations, the authority under which President Carter is imposing the ban (Trade Expansion Act), the rationality of the ban and why it will not provoke the terrorists, the role of other nations, the ban's impact on oil prices, plans to allocate the available supply to consumers and refiners, the indefinite nature of the ban, conservation, and the ban's impact on the typical American.