Elk Hills Naval Petroleum Reserve Conservation Act

Elk Hills Naval Petroleum Reserve Conservation Act - Directs the Secretary of the Navy to provide for the maximum efficient production at the Naval Petroleum Reserves Numbered 2 (Buena Vista, California) and 3 (Teapot Dome, Wyoming) for a specified period and to produce the Reserve Numbered 1 (Elk Hills, California) at the lowest rate sufficient to support the costs of exploration, development, and operation of such reserve and to provide for the sale of 25,000 barrels of such oil per day to small refiners.

Directs the Secretary of the Navy, in cooperation with the Secretary of Energy, to conduct a study of the Naval Petroleum Reserve Numbered 1 and to submit such report to Congress with recommendations regarding: (1) the percentage of the United States share of petroleum in such reserve which should be placed in strategic storage facilities; (2) the most desirable rate of production of such reserve to meet the requirements of this Act; and (3) the most environmentally sound means of transporting the United States share of such petroleum to storage facilities of the Strategic Petroleum Reserve.

Transfers the functions of the Department of Energy with respect to the Naval Petroleum Reserves Numbered 1, 2, and 3 and the Oil Shale Reserves Numbered 1, 2, and 3 to the Secretary of the Navy.