Foreign Oil Contracts Review and Supply Act

Foreign Oil Contracts Review and Supply Act - Prohibits any person from importing any petroleum product into the United States unless the Administrator of the Federal Energy Administration has first reviewed the import contract covering such petroleum or petroleum product and has not disapproved such import contract.

Requires that in exercising the authority granted to him under this Act, the Administrator shall consider the following: (1) the degree to which the price of crude oil and refined petroleum products under such contract constitutes a threat to the economic well-being of the United States and of other importing nations; (2) the degree to which a price lower than such price can be obtained on the world market; (3) the duration of the contract; and (4) the degree to which such contract unduly concentrates United States imports of oil on any one producing country or area.

Grants the Administrator the power to inspect the books, records, and papers of corporations and other business entities which seek approval of contracts pursuant to this Act, for the purpose of determining whether such contracts should be approved.

Provides that to the extent that the Administrator determines that publication of information in any contract or agreement would seriously interfere with the national interest in obtaining secure supplies of crude oil and refined petroleum products at reasonable prices, he may make a determination that such information shall not be made available for public inspection.

Provides that any person who imports any petroleum or petroleum product into the United States: (1) without submitting the import contract covering such petroleum and petroleum product for review by the Administrator pursuant to this Act; or (2) after the import contract covering such petroleum or petroleum product is disapproved by the Administrator, shall be fined not more than $250,000 or imprisoned for not more than two years, or both.

Directs the Administrator to purchase petroleum and petroleum products for importation into the United States at the lowest prices obtainable on the basis of competitive bidding; except that the Administrator may direct, after taking into account the need for obtaining petroleum and petroleum products from secure foreign sources and such other factors as he deems appropriate to the national interest, that quantities of petroleum and petroleum products be purchased or otherwise acquired by the Administrator through other means.