Oil and Gas Leasing Inflation Adjustment Act

Oil and Gas Leasing Inflation Adjustment Act - Amends the Mineral Leasing Act to increase from $2 per acre to $4 per acre the national minimum acceptable bid for oil and gas leases.

Increases from $2 per acre to $5 per acre the minimum acceptable bid for a tar sand lease.

Increases the annual rental of a lease from $1.50 per acre to $3 per acre for the first through the fifth year of the lease.

Increases the annual lease rental from $2 per acre to $4 per acre for each year after such fifth year.

Directs the Secretary of the Interior to make a cost-of-living adjustment of such dollar amounts at least once every four years and to publish each one in the Federal Register.