Imported Oil Reduction Act of 1980 - Directs the President to prohibit the importation of 30 percent or more of current U.S. imports of crude oil and petroleum products from members of the Organization of Petroleum Exporting Countries (OPEC). Requires the President to increase such prohibited amount monthly after January 1, 1981, until imports from OPEC members are eliminated.
Amends the Energy Policy and Conservation Act to redefine a "severe energy supply interruption" necessary for purposes of implementing a rationing plan to be a daily shortfall of five percent (presently 20 percent) or more of projected daily demand for gasoline, diesel fuel, and heating oil.
Introduced in Senate
Referred to Senate Committee on Finance.
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