Defense Petroleum Reserve Act

Defense Petroleum Reserve Act - Directs the Secretary of Energy to establish, maintain, and utilize a Defense Petroleum Reserve, with a specified capacity and drawdown capability.

Requires the Secretary, within 270 days after enactment of this Act, to prepare and transmit to Congress a Defense Petroleum Reserve Plan detailing the design, construction, and filling of the storage and related facilities of the Reserve. Requires the Plan to be designed so as to assure that the Reserve will provide immediate access to petroleum to be utilized for emergency national defense purposes as declared by the President. Outlines details to be included within the Plan, including a comprehensive environmenal assessment.

Requires the Secretary to prescribe regulations and take other specified steps to assure implementation of the Plan. Allows the Secretary to store, transport, or exchange petroleum: (1) which is produced from Federal lands; (2) which the United States is entitled to receive as royalties from production on Federal lands; or (3) which is acquired by the Secretary for the Reserve. Outlines objectives to be followed by the Secretary in acquiring petroleum for the Reserve.

Establishes in the Treasury the Defense Petroleum Reserve Account, with specified credits made to such account. Prohibits the Secretary from using account funds for any purpose other than the procurement of petroleum for the Reserve.

Requires the Secretary, beginning not later than January 1, 1987, to transmit annually a report to Congress with a detailed accounting of activities carried out under this Act. Requires the Secretary of Defense, beginning not later than January 1, 1988, to transmit annually a report to Congress concerning anticipated emergency petroleum needs for national defense, together with any recommendations.

Authorizes continued production of petroleum from the naval petroleum reserves.