A joint resolution to authorize the production of petroleum from naval petroleum reserve.

(LATEST SUMMARY)

Naval Petroleum Reserves Defense Production Authorization Act - Directs the production of petroleum not to exceed 160,000 barrels of crude oil per day from Naval Petroleum Reserve Numbered 1 in order to insure that the needs of the National defense are met. Provides that such production is to commence within 45 days after enactment and to continue for not more than one year after the date production commences.

Establishes a Naval Petroleum Reserve Account in the U. S. Treasury to be credited with the proceeds from disposition of the U.S. share of petroleum or refined products or oil and gas products.

Requires the Secretary of the Navy to conduct exploration programs for oil and gas on Naval Petroleum Reserves Numbered 1 and 4 to be completed within 5 and 10 years, respectively from the date of enactment.

Authorizes appropriations for the production and exploration of Naval Petroleum Reserves Numbered 1 and 4. Prohibits funds from being appropriated under this Act until the Attorney General has prepared and submitted a report to the House and Senate Committees on Armed Services describing contractual interests in Reserve Numbered 1 and fourteen days have elapsed after the submission of such report.