Summary: S.1205 — 96th Congress (1979-1980)All Information (Except Text)

There is one summary for S.1205. Bill summaries are authored by CRS.

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Introduced in Senate (05/22/1979)

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 periodically with the Directors to share information of the activities of the Corporation pertaining to the various departments and agencies represented.

Sets forth the powers and duties of the Corporation and confers upon the Corporation nonprofit status.

Establishes a Public Energy Fund in the Treasury of the United States into which shall be deposited revenues from activities of the Corporation. Provides that such funds, including appropriated funds as authorized by the Congress, shall be used by the Corporation for carrying out this Act.

Sets forth specified reporting, recordkeeping, and audit requirements on the Corporation.

Title III: Miscellaneous Provisions - Makes it a crime for any officer, employee, or person acting for or on behalf of the United States or any department or agency thereof to prematurely disclose information concerning crude oil petroleum products required to be withheld from publication until a fixed time or speculate directly or indirectly in any such product by buying or selling the same in quantity before such information is made public through regular official channels.

Repeals the standby purchase authority of the President under the Emergency Petroleum Allocation Act of 1973.