Energy Revenue and Development Act

Energy Revenue and Development Act - Title I: Energy Trust Fund; Outer Continental Shelf Revenues Energy Trust Fund - Establishes the Energy Trust Fund and authorizes the transfer to it of specified rentals, royalties, or other sums paid to the Secretary of the Navy in connection with leases on the Outer Continental Shelf made between June 5, 1950 and enactment of this Act.

Authorizes such additional appropriations to the Fund as may be necessary under this Act.

Directs the Federal Energy Administration (FEA) to develop and direct a program of energy research, development, utilization, and conservation.

Authorizes the FEA to enter into contracts with persons for exploration, development, and production of energy resources. Authorizes the FEA to guarantee loans for such purposes.

Allows the FEA to purchase, at cost plus a reasonable profit, energy produced from such contractual arrangements.

Authorizes the FEA to make monetary awards to persons and institutions for scientific contributions to the FEA's energy activities.

Authorizes appropriations from the Energy Trust Fund to carry out this Act.

Requires the payment to the States of 60 percent of the first $50,000,000 (and thereafter a lesser percentage up to $100,000,000) of the income from adjacent Outer Continental Shelf leaseholds.

Authorizes the payment to adjacent States of $1 times the daily capacity in barrels from oil refineries refining oil from the Shelf.

Establishes the Commission on Energy Technology Assessment, headed by a Presidentially appointed Commissioner and a Board. Requires the Commission to advise the FEA, analyze the quality of FEA's work, establish priorities in energy research and development, and identify impacts from energy technology and its economic costs.

Requires persons entering contracts under this title with the FEA to keep records available for audit by the Comptroller General.

Title II: Changes in Income Tax Deduction Allowed For Percentage Depletion of Oil and Gas - Sets forth the formula for determining the percentage depletion deduction for domestic oil and gas wells. Disallows any such deduction on foreign wells for persons not claiming a domestic deduction.

Title III: Termination of Price Controls - Terminates in one year the authority under the Economic Stabilization Act to stabilize prices of energy products and specified steel pipe and drilling equipment in short supply.

States that the provisions of the Natural Gas Act shall apply to the transportation of natural gas in interstate commerce, to the sale in interstate commerce of natural gas for domestic, commercial, industrial, or any other use, and to natural gas companies engaged in such transportation or sale, but shall not apply to any other transportation or sale of natural gas, to the local distribution of natural gas, to the facilities used for such distribution, to the production or gathering of natural gas, or to the sale of natural gas dedicated for the first time to interstate commerce, produced from wells commenced on the date of enactment of this Act for domestic, commercial, industrial, or any other use, by any person whose principal business is not the transportation of natural gas in interstate commerce.

States that the Commission shall have no power to deny, in whole or in part, that portion of the rates and charges made, demanded, or received by any natural gas company for or in connection with the purchase of natural gas exempt from the Natural Gas Act as provided in this title.