A bill establishing a Council on Energy Policy.

Establishes in the Executive Office of the President a Council on Energy Policy to be composed of three members appointed by the President with the advice and consent of the Senate. Provides that the Council shall: (1) serve as the principal advisor to the President; (2) review all legislative recommendations dealing with energy matters submitted to the Congress by Federal agencies; (3) make recommendations to the President and Congress for resolving conflicting policies of Federal agencies; (4) recommend policies to Federal and State agencies with respect to power emergencies; and (5) develop a long-range plan for energy utilization in the United States.

Directs all Federal agencies to include in every proposal for legislation having a significant effect on energy availability or use a detailed statement on whether such proposal is consistent with the long-range plan formulated by the Council on Energy Policy.

Provides that the President shall cause to be prepared and submitted to the Congress on or before July 1, 1973, and annually thereafter, by the Council on Energy Policy in cooperation with the Council on Environmental Quality, an Energy Report which shall include: (1) an estimate of the energy needs of the United States for the next ten years; (2) an estimate of domestic and foreign energy supplies of the United States; (3) current trends in the utilization of energy in the United States and the effects thereof; and (4) recommendations for the development and application of technologies and practices required to achieve the purposes of this Act.

Authorizes appropriations of $300,000 for fiscal year 1973, $750,000 for fiscal year 1974, and $1,000,000 for each fiscal year thereafter to carry out the provisions of this Act.