Federal Oil and Gas Corporation Act

[AI summary unavailable — showing source text] Federal Oil and Gas Corporation Act - Creates a body corporate by the name of the "Federal Oil and Gas Corporation" which shall establish and administer on Federal land a national program of natural gas and oil exploration and development. Prohibits the Directors of such Corporation from having a financial interest in any corporation engaged in the business of distributing and selling natural gas or oil to the public nor in any corporation engaged in the business of natural gas or oil exploration, development, transportation or use, nor shall any Director have any interest in any business which may be affected by the activities of the Corporation. Provides that the Corporation shall have the power to explore for natural gas and oil on Federal, State, foreign, or private lands; 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 sale of such resources; construct, lease, purchase, or authorize the construction of transmission pipelines within transmission distance from the place where such oil and gas is produced and to inter…