Oil Price Safeguard Act

Oil Price Safeguard Act - Amends the Energy Policy and Conservation Act to deem a severe energy supply to exist if the President determines that: (1) a significant reduction in petroleum supply of significant scope and duration has caused a significance increase in the price of petroleum products which is likely to cause a significant adverse impact upon the national economy; and (2) a substantial cause of such reduction is the anticompetitive conduct of foreign countries or international entities.

Mandates that proceeds from petroleum sales drawn down pursuant to the President's determination be deposited in the Strategic Petroleum Reserve (SPR) Account and used exclusively for specified Account purposes.

Requires the President to report certain information and analyses to specified congressional committees if crude oil prices exceed $25 per barrel for more than 14 days.