A bill to provide for the conservation of petroleum and other natural resources by imposing an excise tax on the sale of certain gasoline-powered automobiles according to the rate at which such automobiles consume fuel.

[AI summary unavailable — showing source text] Imposes, under the Internal Revenue Code of 1954, an excise tax on the price of every gasoline powered passenger automobile manufactured, produced, or imported after June 30, 1975, based on its fuel consumption rate. Sets forth four tax schedules imposing progressively higher standards for mileage from 1975 through 1984. Requires the tax to be paid by the manufacturer, producer or importer. Directs the Secretary of Transportation to prepare and transmit to the Secretary of the Treasury annually an Automobile Fuel Consumption Schedule rating each automobile with each type of engine available, and with each optional accessory which affects the fuel conservation rate. Requires a label to be affixed to each automobile distributed after June 30, 1975, stating that the tax was imposed and paid, the percentage rate at which the tax was imposed, and the fuel consumption rate of the automobile. Provides a fine of $1,000 for each violation of the labeling requirement.…