Petroleum Industry Divorcement Act

Summary

Petroleum Industry Divorcement Act - Makes it unlawful under the Clayton Act for any oil company engaged in commerce in any branch of the petroleum industry, after the expiration of the eight-year period commencing on the date of the enactment of this Act, to concurrently own or control any asset used in, or any stock of any oil company engaged in, commerce in any other branch of the petroleum industry. Requires one-half of such asset and stock to be disposed of in the three-year period which commences on such date of enactment. States that each such oil company shall file records with the Attorney General at such times as he, by regulation, shall prescribe for the effective administration of this Act. Authorizes the Attorney General to institute a civil action for appropriate relief, including a permanent or temporary injunction, whenever any person violates this Act. Sets forth the criminal penalties for violations of this Act. States that a violation by an oil company shall be deemed to be also a violation by the individual directors, officers, receivers, trustees, or agents of such an oil company who shall have authorized or done any of the acts constituting the violation in whole or in part.

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1 official file

• Introduced in House

  summary · EN · 17 July 1973

  Open at official source

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