A bill to amend title 10, United States Code, to authorize the Secretary of Defense to waive application of provisions of law concerning contract procedures, contract terms and conditions, and contract performance for petroleum acquisition.

Amends Federal procurement law to authorize the Secretary of Defense, while procuring petroleum for any Government agency, to waive the application of any provisions of law concerning contract procedures, terms and conditions, and performance, if the Secretary determines that the waiver is likely to: (1) achieve significant savings; and (2) enhance competition or provide competition where none exists.