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 (the Company), administered by a Board of Directors.

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 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 science, industry, agriculture, labor, environmental protection, and consumer protection. Sets forth additional duties of the Company.

Provides for fuel resource 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 proposed activity except as approved by the Administrator of the Environmental Protection Agency unless, upon judicial review, a court sets aside an adverse determination of the Administrator.

Sets forth the principles and standards by which the Company shall exercise its duty 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 equitably on a geographical basis; and (3) insure maximum utilization of domestic energy 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 State and local taxation of the Company.

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

Directs that excess revenues be placed into the miscellaneous receipts fund of the Treasury.

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

Excludes the receipts and disbursements of the Company from totals of the U. S. budget, and exempts them from any annual expenditure and net lending limitations imposed on the U. S. budget.

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

Establishes within the Company a Citizens Advisory Commission to monitor, evaluate, and report to Congress on the activities of the Company. Authorizes appropriations for such Commission.

Empowers the Company to incur debt for capital and operating purposes through any form of securities, agreements, or obligations. Authorizes appropriations for such purposes for fiscal years 1982 to 1992.

Authorizes appropriations for fiscal year 1980 and for each of the next ten succeeding fiscal years.

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.