A bill to provide for the regulation of oil companies.

Summary

Provides that any company doing business in the United States selling products derived from crude oil, or exploring for or pumping crude oil, shall be subject to the following: (1) no company whose primary purpose is the recovering from the earth any petroleum product or the selling of any petroleum product or any product derived from petroleum shall own or control any fissionable material deposits or deposits of any fossil fuel not in liquid or gaseous form; (2) within ninety days after the date of the enactment of this Act, any compnay whose primary purpose is recovering or selling (wholesale or retail) any product derived from crude oil or petroleum shall divest itself of same by sale, trade, or barter and, aftersuch divestiture, refrain from any attempt to acquire, own, or control any fissionable material deposits or deposits of any fossil fuel not in liquid or gaseous form; (3) no person or group of persons shall simultaneously serve on the board of directors or receive a salary, stipend, or money from stocks from more than one oil company; and (4) no company which pumps or refines crude oil shall engage in retail sales of any product refined from or made from crude petroleum or natural gas.

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Documents

1 official file

• Introduced in House

  summary · EN · 8 April 1974

  Open at official source

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