A bill to provide for a minimum price and an alternative production rate for petroleum produced from the naval petroleum reserves, and for other purposes.

[AI summary unavailable — showing source text] Amends Federal law regarding the administration of the Naval Petroleum Reserves to direct the Secretary of the Navy to establish a petroleum production rate from Naval Petroleum Reserves Numbered 1, 2, and 3 that is less than the maximum efficient rate if the Secretary determines that a specified minimum rate cannot be attained for the Federal share of such petroleum. Establishes a minimum price for such petroleum that is the higher of either: (1) 90 percent of the current sales price of comparable petroleum in the same area; or (2) the price of Strategic Petroleum Reserve petroleum minus the cost of transporting such petroleum from the Naval Petroleum Reserve to the Strategic Petroleum Reserve, with adjustments for differences in petroleum quality. Reduces from 30 to 15 days the period for Department of Justice review of Naval Petroleum Reserve contracts for antitrust violations.…