A bill to amend the Internal Revenue Code of 1954 to provide for an energy conservation tax, to establish the Energy Development and Supply Trust Funds, and for other purposes.

Establishes the Energy Development and Supply Commission.

States that the Commission may: (1) make such expenditures and enter into such contracts as it deems necessary; (2) promulgate regulations to carry out its functions; (3) procure the services of experts and consultants; (4) utilize the services of voluntary and uncompensated personnel who may be allowed transportation expenses, including per diem expenses, for individuals serving without pay; (5) purchase lands or interests therein; (6) purchase, rent, or lease office space; and (7) make grants with respect to any research program established or maintained under this Act.

Directs the Commission to establish and maintain research, development, testing, and evaluation programs which shall seek to: (1) develop low-cost, environmentally sound energy sources and energy generation, transmission, and distribution processes for transportation, industrial, and residential use, and other areas, with primary emphasis on the development of all aspects of solar energy sources and new sources of energy for self-propelled vehicles; (2) develop processes and techniques of energy conservation for use in construction, transportation, and in the manufacture of consumer and capital goods; (3) eliminate the adverse environmental impact of energy generation, transmission, and distribution processes, especially the present fission technology of civilian nuclear programs; (4) increase the efficient generation, transmission, and distribution of energy; and (5) explore other areas related to energy generation, transmission, and distribution.

Requires the Commission, in order to safeguard national security, to establish and maintain national defense petroleum reserves on public lands of the United States which shall have a petroleum-producing capacity sufficient to protect the United States against a continuous one-year interruption of importation of petroleum from all foreign countries (except those contiguous to the United States), which the Commission determined to be an insecure source of petroleum.

Directs the Commission to prepare annually an inventory of mineral deposits in the Nation and shall submit such inventory to the Atomic Energy Commission, the Federal Power Commission, and the Secretary of the Interior in order to promote coordination among them regarding energy planning.

Requires any prospector, mine operator, or well operator who makes any discovery of any substantial mineral deposit to provide specified information regarding such deposit to the Commission.

Requires the Commission to submit an annual comprehensive report to the President concerning the provisions of this Act.

Imposes an energy use excise tax on electricity, natural gas, and special distillate and residual fuel.

Establishes additional petroleum and natural gas duties.

Establishes in the Treasury the Energy Development and Supply Trust Fund.