A bill to amend chapter 641 of title 10, United States Code, relating to naval petroleum reserves.

[AI summary unavailable — showing source text] Directs the Secretary of the Navy to develop the Naval Petroleum Reserves numbered 1,2, and 3 to a capacity to produce at a maximum efficiency rate for national defense purposes. Directs the Secretary with respect to such reserves, during the period ending on April 5, 1982, to produce such reserves at the lowest rate sufficient to support the costs of exploration, development, and operation of the reserves and the costs of acquisitions for the reserves. Stipulates that the royalties accruing to the United States from reserve leases shall be determined without regard to Federal, State, or local regulations controlling sales or allocation of petroleum products. Authorizes the Secretary to exercise condemnation authority with respect to the Naval Petroleum Reserve Numbered 1 if production agreements are not reached within 90 days after the effective date of this Act.…