Petroleum Reserves and Import Policy Act

Petroleum Reserves and Import Policy Act - Title I: General Provisions - Provides that authority under this Act shall be exercised over the establishment and management of reserve producing and storage capacity for, and over any and all imports of, liquid and gaseous fuels, whether crude or processed.

Creates a Petroleum Reserve and Import Policy Committee. Sets forth the membership of such Committee. Provides that there shall be a Petroleum Reserves and Imports Administration in the Department of the Interior, which shall be headed by an Administrator appointed by the President with the advice and consent of the Senate, and which shall implement the decisions of the Committee and the provisions of this Act.

Requires every importer, refiner, transporter, distributor, or marketer of fuels subject to the provisions of this Act to prepare such accounts, records of cost-accounting procedures, correspondence, memorandums, papers, books, and other records as the Secretary of the Interior may by rule and regulation prescribe as necessary or appropriate for purposes of the administration of this Act.

Provides that the Committee shall prepare, have printed, and transmit to the Congress an annual report summarizing all actions taken under authority of this Act, with an analysis of their impact, and any recommendations the Committee may address to Congress for legislation regarding the matters governed by this Act.

Authorizes to be appropriated to the Department of the Interior such funds as are necessary for implementation of the provisions of this Act.

Title II: Strategic Petroleum Reserve System - Creates a strategic petroleum reserve system for those fuels subject to the provisions of this Act, which shall be composed of the following programs: (1) petroleum industry storage reserve, (2) petroleum industry production reserve, and (3) national petroleum reserves.

Authorizes the Secretary of Interior, under his existing authority to regulate for conservation purposes the development and production of oil and gas on Federal lands, including the Outer Continental Shelf, shall require holders of oil and gas leases on those lands to produce oil and/or gas from their wells at specified percentage, to be determined by the Committee of their maximum efficient rate (MER), in order to create reserve producing capacity as part of the petroleum industry production reserve.

Creates a national petroleum reserve, which shall include (1) the naval petroleum reserves administered by the Secretary of the Navy; and (2) the storage of crude oil in natural geological formations.

Authorizes the Secretary of the Navy with the consultation and assistance of the Secretary of Interior, to conduct a program of exploration for oil and gas on the naval petroleum reserves in order to determine the oil and gas resources therein which might be producible as part of the national petroleum reserve.

Authorizes to be appropriated to the Department of Defense $20,000,000 in fiscal year 1974, $50,000,000 in fiscal year 1975, and $50,000,000 in fiscal year 1976, for the exploration program.

Title III: Oil and Gas Import Regulation - Provides that the Committee shall from time to time classify liquid and gaseous fuels by kind and source according to the risk to the United States of their total or partial interruption, for reasons which may include but are not necessarily limited to natural disaster war international political confrontations short of war sabotage insurrection or political instability, or disputes over prices or other conditions of production, sales, or delivery.

States that every person who imports into the United States fuels subject to the provisions of this Act, except exempt imports, shall have in his possesssion an import license, issued by the Secretary of Interior, under the provisions of this Act and the rules and regulations of the Committee, specifying the kind, quantity, and source of fuel to be imported.

Provides that import licenses issued under this Act shall be freely exchangeable, transferrable, or negotiable, but all exchanges, transfers, or sales or import licenses shall be promptly filed and recorded with the Administration under its rules and regulations.