Energy Revenue and Development Act

[AI summary unavailable — showing source text] Energy Revenue and Development Act - Title I: Statement of Policy and Purposes - Sets forth the basic policy of this Act to provide a comprehensive national program to achieve energy independence by 1985. Title II: Energy Trust Fund - Establishes an Energy Trust Fund, administered by the Energy Research and Development Administration, to carry out a national energy program, including research and development of new and improved energy sources and production techniques, creation of a national energy reserve and the exploration of new oil and gas fields in remote areas of the United States. States that the Trust Fund be financed by: Outer Continental Shelf revenues, a portion of which would be allocated to States adjacent to offshore drilling areas; and (2) a tax levied at the source of production or importation on all energy resources. Title III: Commission on Energy Technology Assessment - Creates a panel of scientists, engineers, and economists to establish standards and goals for energy research and development conducted under the Energy Research and Development Administration. Provides that publicly financed research and development would be critically evaluated by the Commissio…