National Domestic Oil and Gas Board Act

[AI summary unavailable — showing source text] National Domestic Oil and Gas Board Act - Amends the Federal Power Act to establish a National Domestic Oil and Gas Board as an independent entity of the executive branch. Stipulates that the Board shall consist of five members appointed by the President and confirmed by the Senate. Requires Board members to refrain from actions which may create actual or apparent conflicts of interest. Authorizes the Board to explore for oil and natural gas on publicly owned lands to engage in production, transportation, and research and development designed to facilitate development of oil and gas resources. Directs the Board to exercise its authority in a manner to alleviate shortage of oil and natural gas, to maximize competition in the petroleum industry, to reduce oil and gas prices, and to provide increased supplies of oil natural gas, and other energy sources at reasonable prices. Stipulates that any activity of the Board may be terminated by Presidential order, except in cases where such order is cancelled by resolution of either House of Congress within fifteen calendar days during which Congress is in session. Directs the Board to maintain standby oil and gas reserves to meet shortages. …