Foreign Oil and Gas Tax Act of 1982

Title I: Tax Credit for Employment of Unemployed Individuals - Amends the Internal Revenue Code to provide a refundable income tax credit for the employment of an individual who: (1) begins work for the taxpayer between December 31, 1982 and July 1, 1986; (2) was unemployed for 90 days before being hired by the taxpayer; (3) did not receive unemployment compensation for the week before he was hired by the taxpayer; and (4) performed substantially on a full-time basis during the first six months of his employment.

Title II: Treatment of Oil and Gas Income - Subtitle A - Domestic Oil and Gas Income - Repeals: (1) the percentage depletion allowance in the case of oil and gas wells; and (2) the option to deduct currently intangible drilling and development costs.

Subtitle B - Treatment of Foreign Oil and Gas Income - Foreign Oil and Gas Tax Act of 1982 - Excludes from gross income any foreign oil and gas extraction income of a taxpayer. Disallows any tax credits or deductions attributable to such income or for the amount expended for oil and gas exploration outside of the United States.

Disallows the foreign tax credit for excess foreign oil related payments by domestic corporations.

Provides that the oil-and gas-related income of a foreign corporation controlled by a U.S. company shall be presently taxed (instead of deferred as under present law).