A bill to amend the Emergency Petroleum Allocation Act of 1973 to direct the President to ration gasoline; to amend the Internal Revenue Code of 1954 to impose an energy conservation tax on gasoline.

Provides, under the Emergency Petroleum Allocation Act, that the President shall, within 15 days of the date of enactment of this Act, promulgate a rule which shall provide for the establishment of a program of rationing of gasoline and ordering of priorities among end-users of gasoline.

States that such regulation also shall provide for the assignment of rights, and evidence of such rights, to end-users of gasoline, entitling such end-users to obtain gasoline in preference to other classes of end-users not similarly entitled.

Establishes, under the Internal Revenue Code provisions relating to retailers' excise taxes, a $1 per gallon tax upon gasoline sold to any person who does not purchase such gasoline to hold for resale. States that such tax shall be in addition to an existing tax imposed on gasoline sold by the producer or importer thereof.

Provides that no tax shall be imposed under this Act on any gasoline sold to any person or used by any person if such gasoline was rationed to such person under the rationing system established in accordance with this Act.