A bill to eliminate phase II of the United States Synthetic Fuels Corporation, to support synthetic fuel research and development, to eliminate the authority of the Corporation to enter into joint…

Amends the Energy Security Act to repeal the requirement that Congress approve the comprehensive strategy established by the U.S. Synthetic Fuels Corporation to achieve the national synthetic fuel production goal established by such Act.

Requires that preference in selecting proposals for synthetic fuels projects for financial assistance be given to proposals which are for research and development of synthetic fuel production and use.

Eliminates the authority of the Corporation with respect to joint ventures by the Corporation for synthetic fuel project modules and Corporation synthetic fuel construction projects.

Establishes a national goal of facilitating research and development in order to achieve domestic synthetic fuel production capability when the synthetic fuel industry matures and synthetic fuels become price competitive. (Under current law, there is a national goal of achieving a synthetic fuel production capability of at least 500,000 barrels per day of crude oil by 1987 and of at least 2,000,000 barrels per day of crude oil by 1992 from domestic resources.)

Repeals the limitation on the authorization of financial assistance under such Act to any one synthetic fuel project or to any one person.

Limits the funds available to the Corporation for obligation under the Energy Security Act.