Federal Oil and Gas Corporation Act

Federal Oil and Gas Corporation Act - 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 and 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.

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.

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 it is unable to make sales of such oil in a manner which will promote competition among suppliers of crude 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.

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.