A joint resolution authorizing increased production of petroleum from the Elk Hills Naval Petroleum Reserve for national defense purposes.

Authorizes the production of petroleum (including crude oil and associated gas and other hydrocarbons) from Naval Petroleum Reserve Number 1 at a rate to help insure that the needs of national defense are met, but not to exceed the maximum efficient rate in accordance with sound engineering and economic principles.

Establishes on the books of the Treasury Department the Naval Petroleum Reserve Account.

Provides that funds available in the Naval Petroleum Reserve Account shall be available for the expenses of: (1) production, including preparation for production, as authorized by this resolution and as may hereafter be authorized; (2) all capital costs necessary for facilities both within and outside the reserve incident to production and delivery of crude petroleum; and (3) exploration prospecting, conservation, development, use, and operation of the naval petroleum and oil shale reserves.