Priority Energy Project Act of 1979

[AI summary unavailable — showing source text] Title I: Amendments to Energy Policy and Conservation Act - Amends the Energy Policy and Conservation Act to encourage the domestic commercial development and production of synthetic fuels and synthetic chemical feedstocks. Establishes a national goal, beginning five years after the enactment of this Act, for such production to achieve a daily rate equivalent to 500,000 barrels of crude oil. Authorizes the President to enter into contracts to purchase or commit to purchase synthetic fuels and synthetic chemical feedstocks to the extent necessary to attain the national goal. Provides for the storage or exchange of such fuels and feedstocks. Limits such contracts to be entered into only before October 1, 1985, and only to the extent provided in appropriation Acts enacted after the enactment of this Act. Sets forth the conditions and terms of such contracts. Directs the President to submit an annual report to the Congress concerning these activities. Authorizes $2,000,000,000 for fiscal year 1981 to make payments pursuant to this title. Title II: Priority Energy Project Act - Priority Energy Project Act of 1979. States the purposes of this title are: (1) to provide a coordinated proce…