A bill to provide for the conservation of petroleum and other natural resources by imposing an excise tax on the sale of certain gasoline powered automobiles according to the rate at which such automobiles consume fuel.

Imposes upon every gasoline-powered passenger automobile manufactured, produced, or imported after June 30, 1975, a tax upon the price for which such automobile is sold by the manufacturer, producer, or importer, based upon the rate at which such automobile consumes fuel.

Directs the Secretary of Transportation to prepare and transmit to the Secretary of the Treasury, annually and at such other times as circumstances may require, an Automobile Fuel Consumption Schedule setting forth, for each make and model of automobile which is or may be subject to such tax the rate at which such automobile consumes fuel.

Requires cars sold after June 30, 1975, to have a label attached disclosing fuel consumption rate.

Prescribes penalties for violations of the provisions of this Act.