A bill to repeal certain provisions of the Economic Recovery Tax Act of 1981 which reduce the crude oil windfall profit tax, and to provide that the additional revenues resulting from such repeals shall be transferred to the Federal Old-Age and Survivors Trust Fund.

Repeals provisions in the Economic Recovery Tax Act of 1981 regarding the windfall profit tax which: (1) increase the credit for royalty owners for 1981 and exempt royalty oil for 1982 and thereafter; (2) reduce the tax imposed on newly discovered oil; and (3) exempt independent producer stripper well oil.

Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to appropriate to the Federal Old-Age and Survivors Insurance Trust Fund windfall profit tax revenues resulting from such repeals.