A bill to conserve gasoline by directing the Secretary of Transportation to establish and enforce mandatory fuel economy performance standards for new automobiles and light-duty trucks, to establish a research and development program leading to advanced automobile prototypes.

[AI summary unavailable — showing source text] Title I: Automobile Fuel Economy - Automobile Fuel Economy Act- Adds a new title to the Motor Vehicle Information and Cost Savings Act. Declares it to be the purpose of this title to: (1) assure, to the maximum extent practicable, that manufacturers of automobiles and light duty trucks reduce the amount of fuel consumed by new automobiles and light duty trucks per mile traveled without reducing standards for safety, damageability, or environmental quality; and (2) increase the industrywide average fuel economy for new automobiles. Directs the Secretary of Transportation to establish yearly minimum national fuel economy standards, applicable to each manufacturer's average production of new automobiles or new light duty trucks, as appropriate. States that the standards would apply to model years 1977 through 1985. Requires such standards for automobiles to achieve at least a 50 percent improvement in the industrywide new car fuel economy average by model year 1980 relative to 1974 models, and at least a 100 percent improvement by model year 1985. Authorizes the Secretary to modify such goals if he finds that they cannot reasonably be attained. Provides that such modified goals would …