Federal Oil and Gas Corporation Act

[AI summary unavailable — showing source text] 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. Stipulates that members of the Board may be removed for cause by joint resolution of the Senate and the House of Representatives. Stipulates 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 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 directed toward the development or utili…