A bill to require petroleum to be extracted from Naval Petroleum Reserve No. 1 for use by utilities in the generation of electricity.

Directs the Secretary of the Navy to extract, or contract for the extraction of, petroleum from Naval Petroleum Reserve Numbered 1, which shall be refined solely for use in the generation of electricity by utilities within the continental United States.

Requires such petroleum to be sold by competitive bid and to be sold subject to the condition that it shall not be sold to ultimate purchases for more than 80 percent of the average price in effect on March 1, 1973.

Authorizes to be appropriated to the Department of the Navy sums equal to the amounts received by the Secretary through sale of such petroleum, for the exploration and development of petroleum within Naval Petroleum Reserve Numbered 4. (adda 10 U.S.C. 7426(f) )