Oil Price Reduction Act of 2011- Prohibits U.S. bilateral assistance and arms exports (not including humanitarian assistance) to any country that is a major net oil exporter, including any country that is a member of the Organization of Petroleum Exporting Countries (OPEC), if such country is engaged in oil price fixing to the detriment of the U.S. economy.
Amends the Internal Revenue Code to allow taxpayers who drive a highway vehicle fueled by gasoline or diesel fuel a $1,000 tax credit in the taxpayer's last taxable year ending in 2011.