Elk Hills Naval Petroleum Reserve Conservation Act

Elk Hills Naval Petroleum Reserve Conservation Act - Directs the Secretary of the Navy to set a level of production at the Naval Petroleum Reserves Numbered 2 and 3 at the maximum efficient rate consistent with sound engineering practices for a period not to exceed six years after April 5, 1976, and to produce Naval Petroleum Reserve Numbered 1 at the lowest rate sufficient to support the costs of exploration, development, and operation of such reserve and the sale of 25,000 barrels of oil per day to small refiners.

Requires that 100 percent of the United States share of petroleum produced from Reserve Numbered 1 for sale be sold to small refiner.

Directs the Secretary in cooperation with the Secretary of Energy to conduct a study of the Naval Petroleum Reserve Numbered 1 (Elk Hills) regarding the most desirable percent of the United States share of petroleum in such reserve which should be produced and placed in storage and the most environmentally sound means of transporting such petroleum to the Strategic Petroleum Reserve.

Stipulates that once the Secretary's report is made to the Congress and neither House has disapproved the production of Reserve Numbered 1 shall be increased to meet these reserve purposes.