A bill to amend the Defense Production Act of 1950 to establish national defense petroleum reserves.

Directs the President to establish national defense petroleum reserves which shall have a petroleum producing capacity sufficient to protect the United States against a continuous one year interruption of the importation of petroleum from foreign countries not contiguous to the United States, which the President has determined to be insecure sources.

Provides that, to the extent deemed necessary, the President may treat existing petroleum reserves established under other laws as part of the national reserves and is authorized to acquire lands adjacent to such existing reserves and to enter into contracts to protect or increase the capacity of these existing reserves.

Provides that nothing in this act shall require or authorize the cancellation or termination of any existing lease, or the taking of lands or use thereof, which have been set aside for purposes of recreation, conservation or public use.

Requires the President to submit a quarterly report to the Joint Committee on Defense Production.