Federal Oil and Gas Corporation Act

Federal Oil and Gas Corporation Act - Creates a Federal Oil and Gas Corporation to establish and administer a national program of natural gas and oil exploration and development on Federal lands. Establishes a three-member Board of Directors for the Corporation, to be appointed for seven-year terms by the President, with the advice and consent of the Senate.

Stipulates that members of the Board may be removed for cause by joint resolution of the Senate and the House of Representatives. Stipulates that Board members shall not receive compensation from private concerns for activities related to the Corporation for a period of one year after leaving office. Prohibits Directors from holding any financial interests in oil and gas corporations while serving on the Board.

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 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.

Establishes procedures governing the operation of the Corporation. Exempts the Corporation from State and local laws which would impede the Corporation in its ability to perform functions authorized by this Act.

Declares it the objective of the Corporation, in conducting its activities, to prevent adverse environmental impacts and to promote conservation of natural resources. Directs the President to appoint an environmental advisory committee to assist the Corporation in this respect. Requires the preparation of environmental impact statements, subject to the approval of the committee. Requires the Corporation to submit annual report to the President and Congress.

Imposes penalties for defrauding and for conspiracy with intent to defraud the Corporation.

Grants the Corporation such powers of condemnation as necessary to effectuate the purposes of this Act.