Oil Import Control and Energy Conservation Act

[AI summary unavailable — showing source text] Oil Import Control and Energy Conservation Act - Title I: Statement of Findings and Purposes - States that the purpose of this Act is to reduce dependence of the United States on foreign oil by imposing restrictions on the importation of petroleum and petroleum products so as to reduce the amount of imports of petroleum and petroleum products as rapidly as practicable, and to insure the equitable distribution of petroleum on a nationwide basis. Title II: Limitations on Imported Petroleum and Petroleum Products and Exemption from such Limitations - States that during each calendar quarter of calendar year 1975 the aggregate quantity of petroleum and petroleum products which may be imported into the United States may not exceed a quantity valued at more than $5,625,000,000. States that during each calendar quarter of calendar year 1976 the aggregate quantity of petroleum and petroleum products which may be imported into the United States may not exceed a quantity valued at more than $5,500,000,000. Provides that any importer who can show, to the satisfaction of the Secretary of the Treasury that the price paid by him for any imported petroleum or any imported petroleum product was at…