A bill to amend the Internal Revenue Code of 1954 to impose a temporary tax of $2 a barrel on imported petroleum products and to use the proceeds of such tax for purposes of reducing the public debt of the United States.

Amends the Internal Revenue Code to impose a temporary excise tax of $2 per barrel on imported petroleum products. Terminates such tax on March 31, 1984.

Requires that funds raised by such tax be used to reduce the public debt.