Oil Shale Production Incentive Act

[AI summary unavailable — showing source text] Oil Shale Production Incentive Act - Title I: Strategic Petroleum Reserve Purchase Program - Amends the Energy Policy and Conservation Act to direct the Secretary of Energy to purchase for the Strategic Petroleum Reserve a specified minimum number of barrels of crude oil produced from oil shale in the United States for each of fiscal years 1980 through 1985. Title II: Tax Incentives - Amends the Internal Revenue Code of 1954 to allow a tax credit of a specified amount for each barrel of crude oil produced from oil shale in the United States. Exempts from this tax credit oil sold for Strategic Reserve. Amends the Code to allow a taxpayer to treat specified expenses for oil shale mining property as expenditures for which a specified tax deduction is allowed. Title III: Study of Environmental Standards - Directs the Secretary of the Interior and the Administrator of the Environmental Protection Agency to study Federal environmental laws and regulations to determine methods for: (1) reducing delays and paperwork required before oil shale exploration, development, and extraction may begin; and (2) making uniform the standards under such laws which have to be met by persons conducting oi…