American Energy First Act This bill addresses the onshore and offshore production of traditional (e.g., oil and gas) and alternative (e.g., solar and wind) energy resources and establishes requirements for distributing revenues generated from energy production, including revenues to states and territories for conservation efforts. For example, the bill limits the President's authority to (1) withdraw areas of the Outer Continental Shelf (OCS) from oil and gas leasing, and (2) declare new marine national monuments. In addition, the Department of the Interior must obtain congressional approval before declaring a moratorium on issuing leases on federal lands or waters for oil, gas, or coal. Further, the bill requires Interior to defer to state regulations, guidance, and permit requirements for all activities regarding hydraulic fracturing (i.e., fracking) relating to oil, gas, or geothermal production activities on federal land. Interior may delegate decisions about issuing oil and gas drill permits on federal land to states. Interior must also establish certain federal land as geothermal, solar, and wind energy leasing priority areas. The bill also allows Interior to conduct certain lease sales, such as offshore wind lease sales on the OCS in the U.S. Exclusive Economic Zone adjacent to U.S. territories, and establishes requirements for distributing revenues from such leases to the Treasury, the Coral Reef Conservation Fund established by this bill, and U.S. territories.