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.

Provides that members of the Board may be removed for cause by joint resolution of the Senate and the House of Representatives. States 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 specified powers, including the right 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 obtained otherwise; (3) build and operate those facilities necessary for the development or sale of such resources; and (4) engage in research directed toward the development or utilization of abundant and nonpolluting supplies of energy.

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 its ability to perform.

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. Requires the preparation of environmental impact statements for specified actions, subject to the approval of the committee. Requires the Corporation to submit an annual report to the President and Congress.

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

Grants the Corporation powers of condemnation.

Authorizes appropriations.