Domestic Drilling Act - Declares as having no force or effect all federal prohibitions against: (1) the leasing of any area of the outer Continental Shelf (OCS) or the Arctic National Wildlife Refuge (ANWR) for exploration, development, and production of oil and natural gas; or (2) the spending of appropriated funds to conduct oil and natural gas leasing, preleasing, and related activities.
Revokes and declares as no longer in effect all withdrawals of federal lands and submerged lands by the President under the Outer Continental Shelf Lands Act.
Directs the Secretary of the Interior to: (1) inventory the oil and natural gas resources of all submerged lands of the OCS and all ANWR lands; and (2) prepare a strategic five-year plan for the sale of oil and natural gas leases for such submerged lands and lands.
Sets forth a schedule for the allocation of revenues collected by the United States under federal oil and gas leases in such areas.
Establishes in the Treasury the Department of Energy Reserve Fund, to be available for the cost of subsequent legislation to: (1) promote research, development, and use of clean domestic energy; and (2) increase domestic energy independence and energy security.