A bill to reduce oil imports into the United States; to provide for the exploration and development of Naval Petroleum Reserves.

Title I: Oil Imports - Provides that during the twelve- month period commencing on the first day of the first calendar month following the effective date of this Act, and each twelve-month period thereafter, imports of crude oil, residual fuel oil, and refined petroleum products into the United States shall not exceed in the aggregate an amount equal to twice the aggregate amount of crude oil and the crude oil equivalency of residual fuel oil and refined petroleum products imported during the period commencing July 1, l974, and ending December 31, 1974, reduced by one hundred eighty-two million five hundred thousand barrels, except that, in order to provide a transition for reduced imports of such oil and products and to reduce the immediate impact on consumers and the economy, an additional thirty million barrels of crude oil or its equivalency in residual fuel oil and refined petroleum products may be imported into the United States during the first one hundred and twenty days of the first such twelve-month period following the effective date of this Act.

Provides that on and after the first day of the first calendar month following the effective date of this Act, no crude oil, residual fuel oil, and refined petroleum products shall be imported into the United States except pursuant to a license issued by the Secretary of Commerce and in accordance with quota limitations established by the Secretary of Commerce in accordance with this Act.

Title II: Development and Production of Naval Petroleum Reserves - Authorizes the production of petroleum (including crude oil and associated gas and other hydrocarbons) from Naval Petroleum Reserve Numbered 1 at a rate to help insure that the domestic and national defense needs are met, but not to exceed the maximum efficient rate in accordance with sound engineering and economic principles.

Directs the Secretary of the Navy to conduct a program of exploration for oil and gas on Naval Petroleum Reserve Numbered 4 in order to determine the extent of oil and gas resources therein. Requires that such program be completed within ten years from the date of the enactment of this title.

Directs the Secretary of the Navy to make annual reports to the Congress regarding the progress, results, and findings of such exploration program.

Establishes on the books of the Treasury Department the Naval Petroleum Reserve Account. Requires that such account shall be administered by the Secretary of the Navy under such regulations as the Secretary of Defense may prescribe.

Title III: Oil and Gas Development - Authorizes and directs the Secretary of the Interior to require that any oil and gas field on lands or interests in lands owned by the United States, including lands on the Outer Continental Shelf: (1) be fully developed as expediently as is reasonably justified; (2) be produced at the maximum efficient rate of production where such field has not been so developed and produced; or (3) be produced in excess of its maximum efficient rate of production if the Secretary finds that production at such rates is necessary to meet essential national energy requirements.

Title IV: Motor Vehicle Fuel Consumption Standards - Directs, under the Clean Air Act, the Administrator of the Environmental Protection Agency to prescribe standards requiring that any light duty vehicle or engine manufactured for model year 1980 or thereafter which uses a liquid petroleum product for fuel be able to provide at least twenty miles of transportation under average highway driving conditions for each gallon of fuel consumed.

Title V: Export Controls on Certain Drilling and Mining Equipment - Provides that at least quarterly during any period of nationwide energy emergency, and at least annually during any other period, the Secretary of Commerce shall determine the quantity of each essential drilling or mining article, if any, that will be available for export during the succeeding quarter or year, as the case may be, and shall cause such determination to be published in the Federal Register.

States that the quantity of any such article which remains, if any, shall be the quantity available for export.

Provides that no essential drilling or mining article may be exported to any foreign country unless the exporter has been issued a license by the Secretary for the export of a quantity of such article to such country, or unless such export is exempt.

Title VI: Experimental Conservation Program for Gasoline - Authorizes the Administrator of the Federal Energy Administration to financially assist each of the several States in carrying out experimental gasoline conservation programs for motor vehicles involving primarily a twenty- four hour restriction on the use of a motor vehicle covered by such program during each seven-day period.

Provides that financial assistance under this title shall be provided in such manner and in such amounts and subject to such conditions as the Administrator of the Federal Energy Administration shall by regulation prescribe.

Authorizes to be appropriated such sums as may be necessary to carry out the provisions of this title.

Title VII: Energy Information Bank - Directs the Administrator of the Federal Energy Administration, utilizing the capabilities of appropriate Federal agencies to the maximum extent possible, to establish and operate an Energy Information Data Bank for the purpose of collecting, reviewing, processing, and disseminating information and data on energy, including resources, reserves, stocks, and technologies.

Sets limitations on the disclosure of such information.

Title VIII: Governor's Advisory Council - Establishes a "Governors' Advisory Council" to be composed of nine Governors appointed by the President of the United State on the basis of recommendations of the National Governors Conference.

Makes it the function of the Council to advise the Administrator of the Federal Energy Administration with respect to matters under his jurisdiction and to review all regulations promulgated by the Administrator and to make recommendations to him with respect thereto.

Authorizes to be appropriated such sums as may be necessary to carry out the provisions of this title.