FLARE Act

Fuel Loss Abatement and Royalty Enhancement Act or the FLARE Act - Amends the Outer Continental Shelf Lands Act and the the Mineral Leasing Act to require the Secretary of the Interior to issue regulations to prevent or minimize the venting and flaring of gas in oil and gas production operations in the United States and to promote the capture and beneficial use or reinjection of gas in such operations. Requires such regulations to treat gas that is flared or vented in operations under a lease under such Act as production for which a royalty is required to be paid to the United States.

Prohibits such regulations from applying with respect to the production under a lease in effect on this Act's enactment to the extent such application would constitute a breach of the terms of the lease by the United States.

Directs the Secretary to assess and report on such venting and flaring, including estimating the volume of gas that is vented or flared in such operations each year.

Makes any finding or permit issued by an agency that will authorize such flaring or venting a major federal action significantly affecting the quality of the human environment for purposes of the National Environmental Policy Act of 1969 (NEPA).