A bill to amend the Defense Production Act of 1950 to include synthetic fuels which may be used as fuels under title III.

Amends the Defense Production Act of 1950 to authorize the President to make commitments to purchase or otherwise encourage the use or development of synthetic fuels which are produced by the conversion of renewable and nonrenewable resources into fuel.

Authorizes the President to make subsidy payments for domestically-produced raw materials necessary for national defense where the market price of such materials is inadequate so as to assure maximum production.

Authorizes the President to install additional equipment, facilities, and processes in industrial facilities when the President deems such action necessary for the national defense.

Authorizes the President to transfer excess products obtained under this Act to the national stockpile.

Establishes a ceiling of $2,000,000,000 on all obligations incurred under this Act, which may not be exceeded without the approval of Congress.