National Emergency Petroleum Act

National Emergency Petroleum Act - Title I: Statement of Findings and Purposes - States the purposes of this Act, including to: (1) protect the public welfare and the national security in the face of critical energy shortages; and (2) provide a national program to conserve scarce energy resources, through mandatory and voluntary rationing and conservation measures.

Title II: Emergency Fuel Shortage Contingency Programs - Authorizes the President to declare a national or regional emergency requiring implementation of emergency fuel shortage contingency programs as provided for in this title. States that the President shall promulgate requirements for emergency rationing, conservation, and contingency programs to be implemented by State and local governments in the event there is an emergency fuel shortage.

Provides that such programs shall include: (1) an established priority system and plan for rationing of scarce fuels among distributors and consumers during periods of critical shortages, and (2) measures to reduce energy consumption in the affected area by 10 percent within ten days, and by 25 per cent within four weeks after implementation.

Directs the President, in time of actual or impending emergency fuel shortage, to : (1) require existing electrical powerplants burning petroleum or natural gas, which have the capability, to revert to burning coal; (2) authorize independent regulatory authorities to permit variances from existing schedules and routings in order to conserve fuel; and (3) develop and implement federally sponsored incentives for the use of public transportation.

Provides mandatory Federal actions to increase available domestic petroleum supplies. Authorizes the President to take specified actions to extend and develop contingency supplies of oil and gas reserves.

Title III: Administration and Authorizations - Directs the President to submit to Congress requirements for the emergency fuel shortage contingency programs to be approved by Congress unless the Congress specifically disapproves and offers alternative provisions.

Authorizes the Cost of Living Council to develop incentives to encourage private industry and individual persons to subscribe to the goals of this Act.

Authorizes the President to make grants to any State or major metropolitan government for the purpose of assisting in developing, administering, and enforcing emergency fuel shortage contingency plans under this Act.

Authorizes to be appropriated $150,000,000 for the purposes of this Act.