Oil Imports Act of 1979

[AI summary unavailable — showing source text] Oil Imports Act of 1979 - Title I: Oil Importation - Prohibits the importation of crude oil or other petroleum products into the United States unless permitted by, purchased by, or manufactured from crude oil purchased by the American Oil Import Corporation, to be established under this Act. Sets forth requirements for issuing import permits for the importation of crude oil and petroleum products. Directs the Corporation to issue permits for such imports, in cases of national emergency, to insure access by the Armed Forces of the United States to needed oil supplies. Requires that crude oil and petroleum products for the Strategic Petroleum Reserve be purchased from the Corporation. Grants to the Corporation exclusive purchasing authority for crude oil and petroleum product imports, and sets forth requirements regarding such purchasing authority. Title II: American Oil Import Corporation - Establishes a nonprofit corporation to be known as the American Oil Impact Corporation, to be managed by a Board of Directors to be appointed by the President. Establishes an Advisory Board to the Corporation, composed of officers of specified Federal agencies and departments, to meet periodicall…