Naval Petroleum Reserves Defense Production Authorization Act

Summary

Naval Petroleum Reserves Defense Production Authorization Act - Sets forth the findings of Congress, and the purposes of this resolution. Authorizes the production of petroleum from Navel Petroleum Reserve Number 1 if needed in order to insure that the needs of national defense are met. Requires that such reserve shall be developed and produced at its maximum efficient rate in accordance with sound engineering and economic principles. Establishes, in the Department of the Treasury, a National Petroleum Reserve Account. States that during the authorized period of increased production there shall be transferred or credited to such account: (1) any or all proceeds realized from the disposition of the United States share or petroleum or refined products, oil and gas products produced, including royalty products, and the net proceeds, if any, realized from exchanges within the Department of Defense or refined products accruing to the benefit of any of the military departments of the Department of Defense as the result of such exchanges; and (2) such funds as may be appropriated by the Congress for the Naval Petroleum Reserve Account, to remain available until expended. Directs the Secretary of the Navy to conduct programs of exploration for oil and gas on Naval Petroleum Reserves Numbered 1 and 4 in order to determine the extent of oil and gas resources therein. Requires the Secretary to make annual reports to the Committees on Armed Services of the Senate and the House of Representatives regarding the progress, results, and findings of these exploration programs, and to include in such reports such recommendations as he deems appropriate regarding development, production, and sale, exchange, transportation, or storage of oil and/or natural gas found to exist on the naval petroleum reserves. Authorizes specific appropriations to carry out the purposes of this Act.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in Senate

  summary · EN · 21 January 1975

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.