A bill to review the present and prospective uses of the lands of the United States, and to stimulate the production of oil and gas from such lands.

Directs the Secretary of the Interior to report to Congress within three years on the present uses of the public lands and their suitability for various single or multiple uses, including use for grazing, watershed protection, wildlife, recreation, and mineral development. States that the Secretary shall make an interim report within sixty days from the date of this Act indicating the lands of the United States that contain readily available petroleum or other energy resources.

Authorizes the Secretary to encourage the development of the oil and gas resources of the public lands and acquired lands of the United States, both reserved and unreserved, except lands in the National Park System, the National Wildlife System. and the Wild and Scenic Rivers System, and the National Wilderness System and areas now under review for inclusion in the Wilderness System.

Provides that lands heretofore reserved by executive or legislative action that prohibits or limits oil and gas development, shall be subject to the provisions of this Act, but no oil or gas development thereon shall be authorized by the Secretary unless sixty days notice is given to the Congress.

Authorizes the Secretary to establish on any reserved or unreserved public or acquired lands of the United States national oil and oil shale reserves, the development of which needs to be regulated in a manner that will meet the total energy needs of the Nation.

Provides that the Secretary shall consider and provide for competitive bidding, and the highest bid shall be determined by the Secretary on the basis of the total estimated return to the United States over the probable productive life of the property being disposed of.