An original bill to fully explore and develop the Naval Petroleum Reserves of the United States and to permit limited production with revenues derived therefrom to be placed in a special account.

[AI summary unavailable — showing source text] Authorizes the use of the Naval Petroleum Reserves by any of the Armed Forces. Authorizes the Secretary of the Navy to explore, develop, operate, and produce petroleum from Naval Petroleum Reserves Numbered 1, 2, and 3, up to an amount specified in this Act. 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 submit to Congress a proposal for the development and production of Naval Petroleum Reserve Numbered 4, including incentives for the participation by private capital in such development. (Adds 10 U.S.C. 7420)…