Joint resolution to authorize the Secretary of the Interior to establish on certain public lands of the U.S. 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 designated public lands of the United States.

Authorizes the Secretary to develop oil and gas reserves in the contiguous 48 States, subject to Congressional review. Directs the Secretary to submit to Congress within one year a plan for development of Alaskan oil and gas, subject to Congressional approval.