Oil and Gas Energy Tax Act

Oil and Gas Energy Tax Act - Title I: Tax Treatment of Domestic Oil and Gas Production - Imposes, under the Internal Revenue Code, an excise tax on the windfall profits from domestic crude oil removed from the premises. Prescribes the procedure for calculating the amount of such tax, allowing a plowback credit against such tax. Defines the terms used, including "windfall profit," and sets forth special rules governing this Act. Provides an exemption from the tax where a tax-exempt organization is prohibited from plowing back.

Requires: (1) each person liable for the tax, (2) each partnership, trust, or estate producing domestic crude oil, (3) each purchaser of domestic crude oil, and (4) each operator of a well producing domestic crude oil; to keep records and returns with respect to such oil. Prescribes the time for filing a return of the windfall profits tax. Requires the purchaser of domestic crude oil to furnish, to the person liable for the tax, a monthly statement of specified costs, amounts, and prices.

Imposes criminal penalties on persons willfully failing to furnish information required under this Act. Requires that specified information be furnished to partners and beneficiaries of estates and trusts.

Provides for a phase-out of the percentage depletion for domestic oil and gas production. Permits a taxpayer to elect (1) the 3,000 barrel-a-day exemption; (2) the stripper well exemption; or (3) the Arctic Circle exemption. Provides an exemption for regulated natural gas and natural gas sold under fixed contract. Prescribes special rules governing geothermal energy.

Provides that, in the case of oil and gas wells, the tax treatment which applies to the taxpayer's intangible drilling and development costs shall also apply to his domestic geological and geophysical costs.

Outlines the rules governing the treatment, for purposes of the investment credit, of specified property used in international or territorial waters.

Title II: Tax Treatment of Foreign Oil and Gas Production - Repeals the percentage depletion for foreign oil and gas wells.

Sets limits on the foreign taxes attributable to foreign oil and gas extraction income. Provides for the separate computation of foreign tax credit for oil and gas related income. Provides for the denial of Domestic International Services Corporation benefits with respect to energy resources. Sets forth the rules governing the imposition of quantitative limitations, duties, taxes, or fees on the importation of petroleum and its products. Sets forth the effective dates of this Act.