Emergency Petroleum Industries Stability Act of 1984

Summary

Emergency Petroleum Industries Stability Act of 1984 - Prohibits, for a nine month period: (1) any major energy concern or affiliate from controlling any other major energy concern or any domestic petroleum company; and (2) any domestic petroleum company or affiliate from controlling any major energy concern or affiliate. Exempts from the application of such prohibition parties who are in a failing financial position which would likely lead to insolvency but for such acquisition. Requires the Attorney General to bring an action for relief of any violation of such prohibition. Defines a "major energy concern" as one which: (1) has an interest in one hundred million barrels or more of proved reserves of crude oil, natural gas liquids equivalents, or natural gas equivalents; (2) had an average net production of crude oil, condensate, natural gas liquids, and natural gas in the previous year which exceeded 100,000 barrels per day; or (3) is under the control of a foreign person. Defines a "domestic petroleum company" as any person engaged in the production, refinement, or sale of crude oil, condensate, natural gas liquids, or natural gas in the United States and which is not a major energy concern. Defines "control" as the power to direct the policies of a person through the ownership of 15 percent or more of the outstanding voting securities of a person or the acquisition from a person of assets related to the production, distribution, transportation, or marketing of crude oil, condensate, natural gas liquids or natural gas exceeding $2,000,000,000 in fair market value. Requires reports to both Houses of Congress, concerning the effects of such types of mergers, from: (1) the Attorney General, after consultation with the Secretary of Energy; (2) the Secretary of the Treasury; (3) the Secretary of the Interior; (4) the Administrator of the Energy Information Administration; and (5) the Federal Trade Commission.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 19 March 1984

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.