Fair Disbursement of Offshore Oil Revenue Act of 2001

Fair Disbursement of Offshore Oil Revenue Act of 2001 - Establishes in the Treasury the Coastal Communities Outer Continental Shelf Receipt Fund.

Instructs the Secretary of the Interior to: (1) pay into the Fund certain revenues attributable to an Outer Continental Shelf lease, any part of which is within 200 geographical miles of the coast line; and (2) pay annually from the Fund to each coastal State one-half, and its coastal counties the other half, of such revenues as may be attributable to that State.

Conditions receipt of such funds upon annual enactment by the affected coastal State and related coastal county of the legislation necessary to provide any permits required for onshore facilities needed to support offshore oil or gas development or production in the pertinent area.

Prohibits disbursement of funds to a coastal State or county that fails to enact such legislation. Requires the Secretary to take such failure into consideration before offering additional leases for sale in the offshore area adjacent to such jurisdiction.

Requires each State to use such funds for leasing and permitting administrative costs, and for environmental, natural resource, and educational projects.