A bill to require the President to submit to the House of Representatives and the Senate a report on nationalizing the oil industry.

Requires the President to submit to the Congress, not later than six months after the date of the enactment of this Act, a report on the feasibility of nationalizing the oil industry. Requires such report to include information on: (1) the costs and benefits of nationalizing the oil industry; (2) the effect of nationalizing the oil industry on allocations of oil, on inflation, and on productivity; (3) the ability to give priority in providing oil to particular groups of consumers by nationalizing the oil industry; (4) the impact of nationalizing the oil industry on the distribution of oil to different income classes, races, geographical areas, and industries and the distribution of oil to males and females; and (5) the efficiency and economy of scale in the transportation, refinement, and allocation of oil from the nationalization of oil.

Establishes the Commission on the Nationalization of the Oil Industry to prepare and submit to the President the report required pursuant to this Act.