A bill to authorize the Secretary of the Interior to establish, on certain public lands of the United States, national petroleum reserves, the development of which needs to be regulated in a manner consistent with the total energy needs of the Nation.

Authorizes the Secretary of the Interior to establish national petroleum reserves on any reserved or unreserved public lands of the United States except lands in the National Park System, the National Wildlife System, the Wild and Scenic Rivers System, the National Wilderness Preservation System, and areas now under review for inclusion in the Wilderness System.

States that no national petroleum reserve that includes all or part of an existing naval petroleum reserve shall be established without prior consultation of the Secretary of Defense.

Authorizes the development of the oil and gas in the national petroleum reserves under terms and conditions prescribed by the Secretary of the Interior. Allows Congress to disapprove such terms and conditions. Sets forth items that must be included in proposed development plans.

States that any oil or gas produced from such petroleum reserves, with exceptions, shall be subject to all the limitations and licensing requirements of the Export Administration Act.