A bill to reduce oil imports into the United States; to provide for the exploration and development of Naval Petroleum Reserves.

[AI summary unavailable — showing source text] Title I: Oil Imports - Provides that during the twelve- month period commencing on the first day of the first calendar month following the effective date of this Act, and each twelve-month period thereafter, imports of crude oil, residual fuel oil, and refined petroleum products into the United States shall not exceed in the aggregate an amount equal to twice the aggregate amount of crude oil and the crude oil equivalency of residual fuel oil and refined petroleum products imported during the period commencing July 1, l974, and ending December 31, 1974, reduced by one hundred eighty-two million five hundred thousand barrels, except that, in order to provide a transition for reduced imports of such oil and products and to reduce the immediate impact on consumers and the economy, an additional thirty million barrels of crude oil or its equivalency in residual fuel oil and refined petroleum products may be imported into the United States during the first one hundred and twenty days of the first such twelve-month period following the effective date of this Act. Provides that on and after the first day of the first calendar month following the effective date of this Act, no crude oil, r…