Oil and Gas Deregulation and Incentive Act of 1986

[AI summary unavailable — showing source text] Oil and Gas Deregulation and Incentive Act of 1986 - Title I: Elimination of Tax Reform Provisions Which Detrimentally Affect the Petroleum Industry - Expresses the sense of the Congress that retention of current income tax provisions regarding the petroleum industry (such as the oil depletion allowance and deduction for intangible drilling expenses) is necessary to provide capital formation for the industry. Urges that certain provisions of H.R. 3838 (Tax Reform Act of 1985) affecting the industry be eliminated. Title II: Federal Banking Agency Cooperation with Troubled Banks and Thrift Institutions - Amends the Federal Deposit Insurance Act to prescribe guidelines under which an in-State or out-of-State bank holding company (or savings and loan holding company) may acquire both closed banks and banks undergoing financial difficulties. Amends the Bank Holding Company Act of 1956 to authorize the immediate consummation of such an acquisition upon the finding by the Federal Reserve Board of Governors that it must act immediately to approve an application for such acquisition. Expresses the sense of the Congress that Federal banking agencies should: (1) affirm that financial institut…