To amend title 10, United States Code, to require the Secretary of Energy to sell the naval petroleum reserves since such reserves are no longer necessary for the national security of the United States.

[AI summary unavailable — showing source text] Directs the Secretary of Energy to complete the sale of U.S. naval petroleum reserves within one year after the enactment of this Act. Requires such sale to be for at least fair market value, using competitive procedures. Requires petroleum purchasers to be held harmless for any claim of liability arising exclusively from or during U.S. ownership. Waives certain congressional consultation and presidential approval requirements with respect to such sale.…