Energy Independence Act of 1987

Energy Independence Act of 1987 - Amends the Energy Policy and Conservation Act to direct the Secretary of Energy (Secretary), for the purpose of obtaining petroleum products for the Strategic Petroleum Reserve (SPR) and to the extent that amounts are credited to the SPR Petroleum Account (Account), to purchase either U.S. stripper well oil or crude oil exchanged for U.S. stripper well oil. Requires that such purchases be made on a competitive bid basis, subject to a minimum price of $25 per barrel, adjusted annually for inflation.

Makes available to the Secretary, for SPR development, in any quarter at the beginning of which there is the equivalent of less than 1,000,000,000 barrels of crude oil in the SPR, funds from the Account in an amount equal to 25 percent of the aggregate amount of revenue collected during the previous quarter from the excise tax imposed by this Act on imported crude oil and petroleum products. Limits the use of such funds for SPR petroleum acquisition to periods when: (1) the SPR contains less than 1,000,000,000 barrels of crude oil; and (2) the world price of crude oil is $25 or less per barrel, adjusted for inflation. Provides for alternative energy security uses of such tax revenue when the world oil price exceeds the reference price of $25 for a specified time.

Directs the President, to the maximum extent practicable, to take the steps necessary to: (1) enter into international voluntary agreements in connection with the international energy program (IEP) in the interest of developing parity with respect to oil import fees; and (2) enforce certain existing agreements with other IEP countries.

Amends the Internal Revenue Code to impose, until 1993, an excise tax on the first sale within the United States of imported crude oil and petroleum products. Sets a variable rate for such tax, as follows: (1) for crude oil, the greater of 50 cents per barrel or the difference between the world price per barrel of crude oil and $25 (the reference price, to be adjusted annually for inflation); and (2) for petroleum products, in accordance with a specified formula based on the amount of tax per barrel of crude oil, the barrel-of-oil equivalent of the particular product attributable to crude oil, and a three dollar per barrel environmental outlay adjustment.

Places liability for the payment of such tax on the first person selling the imported oil or petroleum product within the United States. Requires such person to register with the Secretary of the Treasury before incurring liability.

Exempts from the import tax: (1) any sale of crude oil or petroleum product destined for export, upon proof that it has been exported within six months of the first sale within the United States; and (2) the sale or use of any petroleum product during any period when the President determines that it is in the national interest to refrain from such taxation.

Applies to the import tax the same procedures and penalties that currently govern the windfall profit tax.

Permits the imported oil tax payments as an income tax deduction.