Resolves that it is the sense of the Senate that the Washington Energy Conference should consider conservation measures in major oil consuming countries.

(LATEST SUMMARY)

Makes it the sense of the Senate that the Washington Energy Conference should consider: (1) conservation measures in major oil consuming countries which are necessary to reduce demand, and should be a major part of the policy adopted in concert by the oil consuming nations; (2) procedure plans for the emergency sharing of oil resources which could be acted on subject to the constitutional processes of each country; (3) guidelines for bilateral agreements between individual oil consuming and oil producing countries, which in the present situation of embargo and skyrocketing prices could prove very harmful to the interests of the major oil consuming nations, and could incur the danger of introducing excessive and sophisticated arms into the oil producing nations beyond their legitimate needs for their own security; (4) coordination of research efforts in developing conservation practices and alternative sources of energy; (5) the responsibility for and the means to help to alleviate the plight of the developing countries in the oil crisis; and (6) closer coordination of fiscal and monetary policies to prevent excessive strain on the international monetary system and the currencies of oil importing countries.

Makes it the sense of the Senate that the United States should continue to use its best efforts to bring about conditions of peace and stability in the Middle East.