Oil Import Act of 1980

Oil Import Act of 1980 - Directs the President to submit to the Congress an annual report containing estimates of domestic energy production and demand and estimates of energy imports into, and exports from, the United States. Requires that such report contain an explanation of any significant variance between any estimate included in such report for the previous year and the actual production, demand, imports, exports, or other activity, that occurred during such preceding year.

Authorizes the Secretary of Energy to issue subpenas requiring the production of documents or the attendance of witnesses for purposes of obtaining information on which to base such estimates.

Directs the President to establish quotas on petroleum and petroleum imports and sets forth the method for determining the level of such quotas.

Requires the President to submit to the Congress for its approval a document setting forth such quotas and makes such quotas effective unless disapproved by both Houses of Congress by concurrent resolution, in which case the President is required to resubmit new quotas for such congressional review.

Authorizes the President to lift such quotas for reasons of national security, natural disaster, supply disruption, or emergency energy need created by unusual weather conditions.

Exempts from such quota any petroleum or petroleum products imported for storage in any strategic reserve.

Establishes an import quota for such items for calendar year 1985.

Directs the President to monitor and control such imports, subject to congressional approval.

Establishes procedures to be followed in the event of an import shortfall.

Sets forth provisions concerning the administration of this Act, including actions to prevent circumvention, enforcement of quotas, consequential changes in the tariff schedules, and quota reviews.

Directs the United States International Trade Commission to monitor the domestic petroleum refining industry and make periodic public reports on the data resulting therefrom.

Amends the Trade Expansion Act of 1962 to prohibit the President from adjusting petroleum and petroleum product except in specified circumstances.

Makes conforming amendments to the Trade Act of 1974.