Joint resolution authorizing increased production of petroleum from the Elk Hills Naval Petroleum Reserve as an exercise in military preparedness.

Authorizes increased production of petroleum from the Elk Hills Naval Petroleum Reserve at a rate to help insure that the needs of national defense are met, but not to exceed the maximum efficient rate in accordance with sound engineering and economic principles.

Authorizes the Secretary of the Navy to dispose of the production herein authorized by means of sales effected by competitive bid. Provides that full and equal opportunity for acquisition of the oil shall be accorded to all interested companies, including major and independent oil refineries alike.

Establishes the Naval Petroleum Reserve Account. States that funds in the Account shall be available for the expenses of: (1) production, including preparation for production, as authorized by this resolution and as may hereafter be authorized; (2) all capital costs necessary for facilities both within and outside the reserve incident to production and delivery of crude petroleum; and (3) exploration, prospecting, conservation, development, use, and operation of the naval petroleum and oil shale reserves.