A bill to require petroleum produced from the Naval Petroleum Reserves to be sold in exchange for crude oil to be deposited in the Strategic Petroleum Reserve.

Directs the Secretary of the Navy to sell petroleum produced from the Naval Petroleum Reserves Numbered 1 and 3 only to persons who agree to deposit, or to cause to be deposited, in the Strategic Petroleum Reserve within 30 days an equivalent amount of crude oil in return for payment by the Secretary of the appropriate current market price for such crude oil at the point of transfer of title, taking specified factors into consideration.