National Domestic Oil and Gas Board Act

National Domestic Oil and Gas Board Act - Amends the Federal Power Act to establish a National Domestic Oil and Gas Board as an independent entity of the executive branch. Stipulates that the Board shall consist of five members appointed by the President and confirmed by the Senate. Requires Board members to refrain from actions which may create actual or apparent conflicts of interest.

Authorizes the Board to explore for oil and natural gas on publicly owned lands to engage in production, transportation, and research and development designed to facilitate development of oil and gas resources.

Directs the Board to exercise its authority in a manner to alleviate shortage of oil and natural gas, to maximize competition in the petroleum industry, to reduce oil and gas prices, and to provide increased supplies of oil natural gas, and other energy sources at reasonable prices.

Stipulates that any activity of the Board may be terminated by Presidential order, except in cases where such order is cancelled by resolution of either House of Congress within fifteen calendar days during which Congress is in session.

Directs the Board to maintain standby oil and gas reserves to meet shortages. Establishes procedures governing sale or lease of Federal lands by the Board for oil or natural gas development.

Directs the Board to notify the Administrator of the Environmental Protection Agency of proposed activities under this Act. Prohibits the Board from proceeding with such proposed activities except as approved by the Administrator, or unless an adverse determination by the Administrator is set aside by a court in accordance with prescribed procedures of judicial review.

Directs the Board to transmit an annual report of its activities to the Congress and the President. Establishes procedures governing the financing of the activities of the Board.

Authorizes the appropriation of $50,000,000 to the Board for each of the fiscal years 1978 through 1988, for administrative expenses on carrying out this Act.