Federal Oil Import Corporation Act

Federal Oil Import Corporation Act - Establishes a nonprofit corporation to be known as the Federal Oil Import Corporation, to be managed by a Board of Directors to be appointed by the President with the advice and consent of the Senate.

Establishes an Advisory Council to the Corporation, composed of officers of specified Federal agencies and departments, to meet periodically with the Corporation to discuss matters and activities of the Corporation pertaining to the various departments and agencies represented.

Directs the Corporation to act as purchasing authority for: (1) the importation into the United States of crude oil and petroleum products; (2) crude oil produced outside the United States for sale to qualified buyers who intend to refine it outside the United States for future importation into the United States; and (3) crude oil petroleum products produced outside the United States for sale to the Strategic Petroleum Reserve. Directs the Corporation to sell the crude oil and petroleum products it has acquired: (1) only to qualified buyers free on board at point of purchase; and (2) exclusively for importation into the United States.

Requires a qualified buyer to be: (1) a U.S. citizen; (2) a person organized or existing under the laws of any State or of the United States; or (3) an agency or instrumentality of the United States of any State.

Directs the Corporation to use the knowledge and experience gained by it to aid the Department of Energy in regulating and overseeing the activities of corporations and other persons importing crude oil and petroleum products into the United States.

Sets forth the powers of and restrictions on the Corporation.

Directs the Corporation to annually report to Congress. Provides for an annual audit of the Corporation.

Establishes a Public Energy Fund in the Treasury of the United States into which shall be deposited revenues from activities of the Corporation. Provides that such funds, including appropriated funds as authorized by the Congress, shall be used by the Corporation for carrying out this Act.

Makes it a crime for any officer, employee, or person acting for or on behalf of the United States or any department or agency thereof to prematurely disclose information concerning crude oil or petroleum products required to be withheld from publication until a fixed time or to speculate directly or indirectly in any such product by buying or selling the same in quantity before such information is made public through regular official channels.

Repeals the standby purchase authority of the President under the Emergency Petroleum Allocation Act of 1973.