Energy Conservation and Conversion Act

[AI summary unavailable — showing source text] Energy Conservation and Conversion Act - Title I: Quotas and Tariffs on, and the Allocation and Purchase of, Imported Petroleum and Petroleum Products - Declares it the purpose of this title is to reduce the dependence of the United States on foreign oil by imposing restrictions on the importation of petroleum and petroleum products so as to reduce the imports of petroleum and petroleum products as rapidly as practicable, and, to the maximum extent practicable, without requiring a major rationing program or major price increases. Directs the President to determine, review quarterly, and impose quantitative restrictions on imported petroleum and petroleum products as may be necessary to achieve the purposes stated above. Imposes a duty of $1.20 per barrel of imported petroleum and petroleum products. Authorizees the President to impose a lesser duty after notifying the House Ways and Means Committee, and the Senate Finance Committee, of his reasons for so doing. Directs the President to establish an import licensing system for determing entitlements to petroleum and petroleum products which are imported after December 31, 1975. Establishes a Standby Petroleum Reserve to insure that …