Federal Oil and Gas Corporation Act

[AI summary unavailable — showing source text] Federal Oil and Gas Corporation Act - Directs the Federal Power Commission to establish a corporation to be known as the Federal Oil and Gas Corporation, administered by a Board of Directors consisting of five qualified individuals who shall be selected by the President, by and with the advice and consent of the Senate. Requires that all members of the Board shall be individuals who believe and profess a demonstrable belief in environmental protection and the purposes of the antitrust and consumer protection laws of the United States. Requires that no member of the Board shall, during his term in office, be engaged in any other business, nor may he have any financial interest in any business entity which is engaged in the exploration, development, production, transportation, or sale of natural gas or oil. 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…