A bill to establish a commission to study alternative means by which regulatory mechanisms, applicable under State or Federal law to certain public utilities, could be adapted or otherwise applied to the oil industry, and to measure the resulting costs and benefits of such application.

[AI summary unavailable — showing source text] Directs the President to establish the National Energy Public Utility Commission to investigate the feasibility of applying to the oil industry the regulatory mechanisms currently applicable under Federal or State law to public utilities. Authorizes the Commission to issue subpoenas requiring the attendance and testimony of witnesses and the production of any evidence relating to any matter under investigation. Requires the Commission to report its findings and legislative recommendations to the President and Congress within one year of the date on which it is organized.…