A bill to fully explore, fully develop, and produce the naval petroleum reserves with the revenue derived therefrom to be placed in a special fund for such exploration, development, and production, for production to be applied to the petroleum needs of the Department of Defense and for the establishment of a study group to investigate the feasibility of creating a National Strategic Petroleum Reserve (military) and for other purposes.

[AI summary unavailable — showing source text] Authorizes the Secretary of the Navy to explore, develop, operate, and produce petroleum from Naval Petroleum Reserves numbered 1, 2, and 3, up to a specified amount. Establishes a naval petroleum and oil shale reserves special fund. Provides that amounts from the fund shall be available for the exploration, development, operation and production of naval petroleum and oil shale reserves. Directs the Secretary to establish a study group to investigate the feasibility of creating a national strategic petroleum reserve for military purposes. (Adds 10 U.S.C. 7420)…