National Energy Self-Sufficiency Act of 1979

Summary

National Energy Self-Sufficiency Act of 1979 - Title I: Duty on Imported Crude Oil - Imposes on imported crude oil an additional duty equal to the amount by which the average synthetic fossil fuel price is greater than the imported crude oil price. Directs the Secretary of the Treasury, in consultation with the Secretary of Energy, to establish methods for the determination of such prices. Provides for the monthly redetermination of such prices. Title II: Synthetic Fossil Fuel Fund - Establishes the Synthetic Fossil Fuel Fund in the U.S. Treasury. Stipulates that such Fund shall consist of the equivalent of amounts received from the duty imposed under title I, in addition to such other amounts as may be appropriated. Directs the Secretary to report annually to Congress concerning such Fund. Requires the Secretary to invest the portion of such Fund, not required to meet current withdrawals, in interest-bearing obligations of the United States. Declares that such Fund shall be available for making loans for synthetic fossil fuel production. Establishes the Synthetic Fossil Fuel Board to make loans for the construction of synthetic fuel production facilities. Sets forth the criteria to be used by the Board in making such loans.

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1 official file

• Introduced in House

  summary · EN · 15 June 1979

  Open at official source

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