Federal Oil and Gas Management Act

[AI summary unavailable — showing source text] Federal Oil and Gas Management Act - Authorizes the Secretary of the Interior to enter into contracts for the exploration, drilling, extracting, and storing of oil and gas from lands owned by the United States. Directs the Secretary to prescribe regulations to carry out the purposes of the Act. Sets forth a procedure for Congressional disapproval of such regulations. Directs the Secretary to prescribe regulations for the fair and equitable marketing and allocation of all oil and gas produced from deposits on public lands under contracts entered into pursuant to this Act. Requires the Secretary to consider factors in prescribing such regulations. Directs the Secretary, within one year after the date of enactment of this Act, to prepare and publish a report with recommendations for promoting competition in (1) the production of oil and gas from deposits on public lands under this Act, and (2) the issuing of oil and gas leases under the Mineral Lands Leasing Act and the Outer Continental Shelf Lands Act.…