Federal Oil Import Corporation Act

[AI summary unavailable — showing source text] Federal Oil Import Corporation Act - Establishes a nonprofit corporation to be known as the Federal Oil Import Corporation, to be managed by a Board of Directors to be appointed by the President with the advice and consent of the Senate. Establishes an Advisory Council to the Corporation, composed of officers of specified Federal agencies and departments, to meet periodically with the Corporation to discuss matters and activities of the Corporation pertaining to the various departments and agencies represented. Directs the Corporation to act as purchasing authority for: (1) the importation into the United States of crude oil and petroleum products; (2) crude oil produced outside the United States for sale to qualified buyers who intend to refine it outside the United States for future importation into the United States; and (3) crude oil petroleum products produced outside the United States for sale to the Strategic Petroleum Reserve. Directs the Corporation to sell the crude oil and petroleum products it has acquired: (1) only to qualified buyers free on board at point of purchase; and (2) exclusively for importation into the United States. Requires a qualified buyer to be: (1) a …