Federal Oil and Gas Corporation Act

Federal Oil and Gas Corporation Act - Title I: Federal Oil and Gas Corporation - Directs the Federal Power Commission to establish a corporation to be known as the Federal Oil and Gas Corporation, administered by a Board of Directors consisting of five qualified individuals who shall be selected by the President, by an with the advice and consent of the Senate.

Requires that all members of the Board shall be individuals who believe and profess a demonstrable belief in environmental protection and the purposes of the antitrust and consumer protection laws of the United States and that appropriate weight in the selection of Board members shall be given to such factors as race, age, and sex.

Requires that no member of the Board shall, during his term in office, be engaged in any other business, nor may he have any financial interest in any business entity which is engaged in the exploration, development, production, transportation, or sale of natural gas or oil. Declares that any member of the Board may be removed from office at any time by resolution of the Senate or the House of Representatives.

Grants the Corporation power to: (1) explore for natural gas and oil on Federal, State, foreign, or private lands; (2) develop and sell natural gas or oil discovered by exploration, or otherwise obtained by sale, lease, purchase, exchange, or contract, and to build and operate all those facilities necessary for the development or sales of such resources; and (3) engage in research directed toward the development or utilization of abundant and nonpolluting supplies of energy, from whatever source.

Requires any Federal agency or department having authority to lease, sell, or otherwise dispose of Federal lands, or rights to natural gas or oil which is or may be located on Federal lands, including offshore rights, shall, upon receipt of a request of the Corporation under this Act, grant the Corporation such right to develop without payment within 90 days after the receipt of such request.

Directs the Secretary of Defense, acting for the Secretary of the Navy, to transfer possession of certain properties inside the naval petroleum and oil shale reserves, to the Corporation.

Requires the Corporation to build, lease, or purchase refining facilities for the crude oil it produces or otherwise obtains only if surplus crude oil remains after the crude oil requirements of the refinery corporations established under this Act are met and to operate these refinery facilities in a manner which will promote competition among suppliers of natural gas or oil, and to build, lease, or purchase transportation facilities for the natural gas or oil it produces or otherwise obtains only if it is unable to arrange for delivery of such natural gas or oil in a manner which will promote competition among suppliers of natural gas or oil.

Requires that sales of natural gas or oil by the Corporation shall be made at fair and reasonable prices designed to promote competition among suppliers of these energy resources and that the Corporation give price, supply and delivery priority to refining corporations established under this Act, with preference given to independent refiners, cooperatives, States, and political subdivisions of States after the needs of the refining corporations are met.

Authorizes to be appropriated to the Corporation for the fiscal year ending June 30, 1974, and for each of the next ten succeeding fiscal years $50,000,000 to carry out its activities under this Act. Provides that all funds appropriated pursuant to this Act shall remain available until expended.

Title II: Establishment of Petroleum Corporation - Defines the various terms used in the Act.

Authorizes the President to take the necessary action to design and construct consistent with environmental impact considerations a minimum of seven full-scale optimum commercial size facilities for the refining of petroleum products, to be fully operational by January 1, 1977, of which at least one facility shall be located within each of the five Petroleum Administration for Defense Districts.

Directs the President to transfer to each of the corporations established by this Act all land and interests owned or acquired for such refining facilities, together with any improvements, from time to time, within two years of the establishment of each corporation or at an earlier date determined by the board of directors of each corporation, at a price equal to the cost or fair market value of such assets, whichever amount is lower.

States that the President shall make available necessary funds to complete and operate the refining facilities, including working capital.

Establishes, for each refining facility, within one year after the Act's effective date, one corporation for profit which will not be an agency or establishment of the United States.

Declares that the President shall appoint nine incorporators for each corporation by and with the advice and consent of the Senate, who shall serve as the initial board of directors for each corporation until the first annual meeting of public stockholders.

Provides that for each corporation no director or officer nor any member of his immediate family may own beneficially or of record, any interest directly or indirectly, in any other oil company.

Authorizes each corporation to sell shares of stock initially at a price not in excess of $50. Places limitations on ownership of stock.

Authorizes to be appropriated, without fiscal year limitation, the sum of $3,000,000,000 and such additional sums as may be necessary.