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 add a new part relating to synthetic fuel production. Declares that it is a national goal to have a domestic commercial production of synthetic fuels and synthetic chemical feedstocks at a daily rate equivalent to 500,000 barrels of crude oil, beginning five years after enactment of this Act. Authorizes the President to enter into contracts to purchase or commit to purchase synthetic fuels and/or chemical feedstocks to the extent necessary to assure the attainment of such goal and to provide that such fuels and feedstocks be used to meet the Government's fuel and chemical requirements. Authorizes the storage of such fuels and feedstocks in the Strategic Petroleum Reserve. Sets forth criteria for the making of such contracts by competitive bidding procedures. Directs the President to submit annual reports to the Congress on actions taken under this title. Authorizes the appropriation of $2,000,000,000 for carrying out the purposes of this title. Title II: Priority Energy Project Act - Priority Energy Project Act of 1979 - Declares that the purpose of this title is to provide …