A bill to amend the Internal Revenue Code of 1954 to impose an excise tax on certain inventories of gasoline, crude oil, and petroleum products, for the purpose of discouraging the accumulation of such commodities in excess of the reasonable demands of industrial, business, or residential consumption.

[AI summary unavailable — showing source text] Imposes an excise tax of 50 cents per barrel upon that portion of the inventory of gasoline of any taxpayer at the close of a taxable period which is in excess of the inventory allowance of such taxpayer. Imposes a tax of 10 cents per barrel upon that portion of the inventory of crude oil and other petroleum products of any taxpayer at the close of a taxable period which is in excess of the inventory allowance of such taxpayer. Sets forth standards for determining a taxpayer's inventory allowance. States that, under regulations prescribed by Secretary of the Treasury, no tax shall be imposed under this Act upon any gasoline, crude oil, or petroleum products inventory which is established under the direction of the Administrator of the Federal Energy Office, or for use on a farm or for farming purposes. Establishes reporting requirements and sets forth penalties for violations of the provisions of this Act.…