Oil Impact Reduction Act

Oil Import Reduction Act - Directs the President to establish a seven-year national oil plan of planned oil production and planned oil demand. Stipulates that the maximum quantity of petroleum imports for calendar year 1979 and each year thereafter shall be determined by the President based on such plan.

Establishes procedures for Congressional review of Presidential actions under this Act. Requires a majority vote of both Houses to register disapproval of oil import restrictions imposed under this Act.

Amends the Trade Act of 1974 to conform with the provisions of this Act.

Establishes an Office of Petroleum Imports in the Department of Energy to administer the import licensing system established by this Act. Establishes procedures governing the operation of such licensing system. Directs the President to establish a separate licensing system for small refiners and independent marketers of petroleum products.

Directs the Administrator of the Office of Oil Imports to conduct an oil use analysis to develop a formula designed to equalize oil prices caused by higher costs of imported oil in certain districts.

Revises duties imposed upon imported petroleum products. Amends the Trade Expansion Act of 1962 to prohibit the President from adjusting imports of petroleum products except during times of war and national emergency.