Oil and Gas Production Revitalization Act

[AI summary unavailable — showing source text] Oil and Gas Production Revitalization Act - Title I: Oil Provisions - Repeals the windfall profit tax provisions regarding domestic crude oil. Amends the Energy Policy and Conservation Act to direct the Secretary of Energy to assure that at least 50 percent (by volume) of petroleum products acquired for storage in the Strategic Petroleum Reserve during each fiscal year are derived from domestic crude oil production (if such products can be acquired at prices no less favorable to the United States than the price of comparable foreign petroleum products). Urges the administration to increase the exploration and development of domestic energy resources. Urges the Secretary of Commerce to: (1) immediately undertake a feasibility study regarding the national security effects and implications of current and projected levels of petroleum imports into the United States; and (2) analyze the economic impact of export restrictions on oil field equipment and drilling technology, with special emphasis on the effect of such restrictions on employment and growth of the U.S. economy. Title II: Natural Gas Provisions - Amends the Natural Gas Policy Act of 1978 to authorize the Federal Energy Regula…