A bill to provide a program to systematically reduce imports of crude oil, residual fuel oil and petroleum products and to provide for a report to accompany such program, and for other purposes.

Declares it the policy of the United States to limit and reduce systematically its imports of crude oil, residual fuel oil, and refined petroleum products, as long as such imports remain insecure or at prices which jeopardize the national world economies, such reduction to be as rapid as is consistent with the security and economic welfare of the United States and with establishment of a National Strategic Energy Reserves System.

Requires that, within sixty days following the date of enactment of this Act, the President shall promulgate a program to restrict oil imports consistent with the findings and policies enumerated in this Act. Provides that such restriction shall be in the form of a schedule setting forth the maximum quantities of crude oil, residual fuel oil, and petroleum products imports to be permitted in each year through 1985.

Requires such schedule to be accompanied by a report the contents of which are specified in this Act. Provides that such report shall include: (1) a description of the system employed to reduce imports; (2) the source of the imports; and (3) the expected impact of the program on competition and the structure of the petroleum industry.