Energy Company of America Act

Energy Company of America Act - Amends the Department of Energy Organization Act to establish a government corporation to be known as the Energy Company of America.

Sets forth the composition of the Board of Directors of such Company.

Authorizes the Company to: (1) explore for oil, natural gas, coal, and uranium on any Federal lands; (2) develop, produce, import, purchase, refine or enrich, store, transport, and sell fuel technology resources; (3) engage in research and development for improved methods of fuel resource technology; (4) obtain necessary equipment and facilities; (5) explore for, develop, produce, import, purchase, store, transport, and sell fuel resources in or from non-domestic sources; (6) sue and be sued in its corporate name, use a corporate seal, and adopt, amend, and repeal bylaws governing the operation of the Board; (7) determine employee qualifications, duties, and compensation; (8) enter into agreements necessary to conduct authorized activities; and (9) consult and cooperate with representatives of private and governmental activities.

Sets forth the duties of the Company.

Provides for production from standby reserves upon a finding that such production is necessary to alleviate domestic shortages. Provides for the establishment of standby reserves.

Sets forth Federal lands conveyance procedures.

Sets forth procedures to ensure environmental protection relevant to the construction of Company facilities. Prohibits the Company from proceeding with any such proposed activity except as provided by the Administrator of the Environmental Protection Agency unless, upon judicial review, the court sets aside an adverse determination of the administrator.

Sets forth the principles and standards by which the Company shall exercise its duty to act as the exclusive bargaining agent of the United States.

Directs the Company to sell fuel resources in such a manner as to: (1) encourage domestic competition; (2) allocate available supplies equitable on a geographical basis; and (3) insure the maximum utilization of domestic energy resource facilities.

Prohibits the sale of domestic energy resources to any foreign person or entity unless such person or entity is a qualified buyer who intends to refine it for transportation and sale to the United States at a later date.

Exempts the Company from Federal taxation. Permits comparable State and local taxation of the Company.

Prohibits the Company from selling at prices below actual adjusted costs.

Directs excess revenues to be covered into the miscellaneous receipts fund of the Treasury of the United States.

Directs the Company to transmit an annual report to the Congress and the President.

Excludes the receipts and disbursements of the Company from totals of the budget of the United States and exempts them from any annual expenditure and net lending limitations imposed on a budget of the United States Government.

Declares that Congress shall exercise continuing oversight of the activities of the Company.

Establishes within the Company a Citizens Advisory Commission. Sets forth the composition, compensation, and duties of the Commission.

Empowers the Company to incur debt for capital and operating purposes through any form of securities, agreements, or obligations.

Directs the Secretary of Energy to transfer to the Company all right, title, and interest in any uranium enrichment facilities owned by the Department of Energy.

Provides for the expiration of any existing authority to control or regulate the price of petroleum products upon a presidential finding and declaration that the Company has become sufficiently established to perform effectively as a competitive entity in the energy industry.

Makes conforming and technical amendments to such Act.