A bill to require that a percentage of U.S. oil imports be carried on a U.S. flag vessels.

Provides, under the Merchant Marine Act, that at least 20 percent of the gross tonnage of all petroleum and petroleum products imported into the United States on ocean vessels, including movements: (1) directly from original point of production; and (2) from such original point to intermediate points for transshipment or refinement and ultimate delivery into the United States, shall be transported on privately owned United States-flag commercial vessels to the extent such vessels are available at fair and reasonable rates for United States-flag commercial vessels, in such manner as will insure fair and reasonable participation of United States-flag commercial vessels in such cargoes by geographical areas.

States that the quantity required so to be carried in United States-flag commercial vessels shall be at least 25 percent after June 30, 1975; and at least 30 percent after June 30, 1977, if the Secretary of Commerce shall, on December 31 preceding each such date, determine that United States tonnage existing or on order and scheduled to be delivered by such date would be adequate to carry such quantity.