Defense Petroleum Reserve Act

[AI summary unavailable — showing source text] Defense Petroleum Reserve Act - Directs the Secretary of Defense to establish, maintain, and utilize a Defense Petroleum Reserve, with a specified capacity and drawdown capability. Requires the Secretary, within 270 days after enactment of this Act, to prepare and transmit to the Congress a Defense Petroleum Reserve Plan detailing the design, construction, and filling of the storage and related facilities of the Reserve. Requires the Plan to be designed so as to assure that the Reserve will provide immediate access to petroleum to be utilized for emergency national defense purposes as declared by the President. Outlines details to be included within the Plan, including a comprehensive environmental assessment. Requires the Secretary to prescribe regulations and take other specified steps to assure implementation of the Plan. Allows the Secretary to store, transport, or exchange petroleum: (1) which is produced from Federal lands; (2) which the United States is entitled to receive as royalties from production on Federal lands; or (3) which is acquired by the Secretary for the Reserve. Outlines objectives to be followed by the Secretary in acquiring petroleum for the Reserve. Establi…