National Energy Strategy Act of 1991

[AI summary unavailable — showing source text] National Energy Strategy Act of 1991 - Expresses the sense of the Congress that the President, as an economic and national security imperative, should: (1) formulate and implement a national energy policy based on achieving a domestic core supply of energy; and (2) work with the Congress in implementing such policy. Amends the Internal Revenue Code to impose an excise tax on the first sale within the United States of imports of: (1) crude oil; (2) refined petroleum products; and (3) petrochemical feedstocks or petrochemical derivatives. Sets the rate of the tax as the difference between $22 per barrel ($24.50 for petroleum and petrochemical products) and the most recently published average price of a barrel of internationally traded oil, as determined by the Secretary of the Treasury in accordance with a specified formula. Treats certain geological and geophysical costs and surface casing costs as intangible drilling and development costs that a taxpayer may elect to capitalize or to deduct for income tax purposes. Exempts oil and gas wells from the application of the net income limitation on percentage depletion. Revises the percentage depletion allowance applicable to oil and gas…