Energy Conservation and Conversion Act

[AI summary unavailable — showing source text] Energy Conservation and Conversion Act - Title I: Import Treatment of Oil - Declares it to be the purpose of this title to reduce the dependence of the United States on foreign oil by imposing import restrictions, so that by 1985 the amount of such imports shall not exceed 25 percent of domestic oil consumption, and in order to place the United States in a position to deal with any oil embargo. Establishes oil import quotas, beginning in calendar year 1975. Authorizes the President to vary the import quota schedule when, due to weather conditions, economic factors, or delays in domestic production, he believes it is in the national interest to do so. Directs the President to establish an import licensing system for imported petroleum and petroleum products before December 31, 1975. Provides for the establishment of a separate licensing system for small refiners and independent marketers. Imposes a duty at a rate of 2 percent ad valorem with respect to petroleum, and 5 percent ad valorem with respect to petroleum products. Authorizes the President to adjust such rates of duty when he believes it is in the national interest to do so. Requires the President to notify Congress before i…