Materials and Products Shortages Act

Materials and Products Shortages Act - Directs the Secretary of the Interior to publish a report within 180 days identifying existing and potential materials and products shortages and those research and development projects which are most likely to substantially reduce such shortages and improve materials and product technology. Delineates goals for such research and development, including better methods of discovering, extracting and refining raw materials; substitute products; recycling; and means to increase the durability and repairability of materials and products.

Authorizes the Secretary to enter into contracts, make grants, and guarantee loans relating to such research and development. Sets forth requirements and procedures for such loan guarantees.

Requires that, prior to making any financial assistance available under this Act to any person for a research and development project or prior to making any commitment to conduct any research and development project under this Act within the Department of Commerce, the Secretary shall afford an opportunity to the Administrator of the Environmental Protection Agency and the Administrator of the Federal Energy Administration an opportunity, not to exceed thirty days, to review such project.

Sets forth procedures for public access to proprietary information and patents developed through projects assisted under this Act.

Requires audits of records of recipients of assistance under this Act.

Authorizes appropriations to carry out this Act.