A bill to amend the Energy Policy and Conservation Act to promote commerce in synthetic fuels.

Amends the Energy Policy and Conservation Act to establish a national goal, beginning five years after the date of enactment of this Act, for the domestic production of synthetic fuels and synthetic chemical feedstocks ("synthetics") at a daily rate equivalent to 500,000 barrels of crude oil.

Directs the President, after determining that such goal would not otherwise be attainable, to: (1) enter into contracts to purchase or commit to purchase synthetics to the extent necessary to assure the attainment of that goal; and (2) (A) provide that such synthetics be used to meet the Government's fuel and chemical feedstock requirements to the extent the President determines appropriate, or be transferred to and stored in the Strategic Petroleum Reserve; or (B) exercise the option under the contract not to take delivery of synthetics not to be used or stored.

Sets forth certain contract requirements, including: (1) time of entry; (2) price; (3) bidding procedure; (4) quantity limitations per person or affiliate; (5) location and financing of the manufacturing facilities; (6) payment; and (7) transportation, storage, processing, and refining.

Directs the President to submit annual reports to Congress detailing: (1) actions taken under this provision; (2) recommendations; and (3) the identity of persons awarded such contracts.

Authorizes appropriations for payments under this Act for the fiscal year 1981.