Shale Oil Development Corporation Act

Shale Oil Development Corporation Act - Declares it to be the policy of the Federal Government to bring into being the technology for commercial development of shale oil as quickly as possible by establishing a Government-industry program jointly managed and funded to demonstrate commercial methods of producing environmentally acceptable fuels from shale oil.

Establishes the Shale Oil Development Corporation. Provides a nine-member Board of Directors for the Corporation.

Makes it the function of the Corporation to select, on the basis of the best engineering information available, the two or more most technically, environmentally, and economically feasible methods for producing a syncrude from shale oil. Authorizes the Corporation to design, construct, operate, and maintain a demonstration-type facility for each such method selected in order to determine the technical, environmental, and economical feasibility thereof.

Provides that the Corporation shall make available, by license or otherwise, on a nonexclusive royalty free basis without territorial limitation the use of any patent obtained by the Corporation under any law of the United States or any foreign country for or with respect to any invention made in the performance of any activity conducted pursuant to this Act.

Authorizes to be appropriated to the Corporation, for the fiscal year ending June 30, 1973, the sum of $5,000,000, and for each of the next seven succeeding fiscal years such sums as may be necessary.

Authorizes the Director of the National Science Foundation to fund basic and applied research related to energy in support of the objectives of this Act.