A bill to provide that revenues derived from the crude oil windfall profit tax and the oil import fee shall be used to reduce the national debt.

Establishes the Public Debt Retirement Trust Fund in the Treasury of the United States. Appropriates to such Trust Fund amounts equivalent to the crude oil windfall profit tax and the oil import fees imposed by the President under Proclamation 4744 on April 2, 1980. Requires the transfer of such amounts at least monthly from the general fund of the Treasury to the Trust Fund.

Limits the use of such Trust Fund amounts to the payment, purchase before maturity, or redemption of any obligations included in the public debt. Requires cancellation and retirement of all obligations so paid for, purchased, or redeemed.

Repeals provisions of the Crude Oil Windfall Profit Tax Act of 1980 which set up the Windfall Profit Tax Account in the Treasury and direct the allocation of amounts deposited therein.