A joint resolution consenting to an extension and renewal of the Interstate Compact to conserve oil and gas.

(Reported to Senate from the Committee on Interior and Insular Affairs with amendment, S. Rept. 94-771)

Interstate Compact - Gives congressional consent to an extension through December 31, 1978, of the interstate compact to conserve oil and gas as signed on February 16, 1935, by 29 States.

Sets forth the provisions of such compact which include the prevention of: (1) the operation of oil wells with an inefficient gas-oil ratio; (2) the drowning of any stratum capable of producing oil or gas in paying quantities; (3) the escape or burning of gas from a natural gas well; (4) the inefficient use or locating of wells; and (5) the creation of unnecessary fire hazards. Requires each State to enact statutes or enforce existing statutes to prevent such problems.

Specifies that compact shall not create or perpetuate price fixing or monopolies.

Sets forth provisions for the administration of the Interstate Oil Compact Commission created by the compact.

Directs the Attorney General to review the activities of any advisory committees to the Commission and the States, and report to the Congress by June 30, 1978, as to whether the activities of any such committees could tend to create or maintain situations inconsistent with the antitrust laws of the United States.