A bill to reimburse the States for all unemployment compensation paid to individuals whose unemployment is attributable to the oil crisis.

Directs the Secretary of the Labor to pay to each State an amount equal to 100 percent of any unemployment compensation paid under State law to any individual whose unemployment is primarily attributable to the inability of the employer to engage in business or production operations because of a shortage of fuel oil or of energy generated from fuel oil.

Establishes on the books of the Treasury of the United States the "Oil Emergency Unemployment Compensation Trust Fund" exclusively for use in making payments to the States pursuant to this Act.

Authorizes the appropriation to the Trust Fund of such sums as may be necessary to carry out this Act.