Naval Petroleum Reserves Defense Production Authorization Act

[AI summary unavailable — showing source text] Naval Petroleum Reserves Defense Production Authorization Act - Sets forth the findings of Congress, and the purposes of this resolution. Authorizes the production of petroleum from Navel Petroleum Reserve Number 1 if needed in order to insure that the needs of national defense are met. Requires that such reserve shall be developed and produced at its maximum efficient rate in accordance with sound engineering and economic principles. Establishes, in the Department of the Treasury, a National Petroleum Reserve Account. States that during the authorized period of increased production there shall be transferred or credited to such account: (1) any or all proceeds realized from the disposition of the United States share or petroleum or refined products, oil and gas products produced, including royalty products, and the net proceeds, if any, realized from exchanges within the Department of Defense or refined products accruing to the benefit of any of the military departments of the Department of Defense as the result of such exchanges; and (2) such funds as may be appropriated by the Congress for the Naval Petroleum Reserve Account, to remain available until expended. Directs the Secre…