Strategic Petroleum and Critical Materials Funding Act of 1982

[AI summary unavailable — showing source text] Strategic Petroleum and Critical Materials Funding Act of 1982 - Amends the Outer Continental Shelf Lands Act to provide that 80 percent of specified revenues from leases on the Outer Continental Shelf shall be deposited in the Strategic Petroleum Reserve Account and the other 20 percent of such revenues shall be deposited in the National Defense Stockpile Transaction Fund. Permits the President, with the prior approval of Congress, to suspend or reduce such deposits if it would be in the national interest. Amends the Energy Policy and Conservation Act, the Strategic and Critical Materials - Stock Piling Act and the Land and Water Conservation Fund Act of 1965 to make conforming changes. Makes this Act effective for fiscal year 1983.…