Refined Petroleum Products Anticompetitive Practices Act

Summary

Refined Petroleum Products Anticompetitive Practices Act - Makes it unlawful for any person engaged in commerce in the business of exploring, developing, or extracting crude oil, transporting crude oil or refined petroleum products by pipeline, or refining crude oil, to acquire any petroleum marketing asset on and after the date of enactment of this Act. Makes it unlawful for any person covered by this Act to own or control any asset, the acquisition of which is prohibited after January 1, 1978. Provides that any person knowingly violating the provisions of this Act shall upon conviction be punished by a fine of not to exceed $100,000 or by imprisonment not exceeding ten years, or both, in the discretion of the court. Provides that violation by a corporation shall be deemed to be also a violation by the individual directors, officers, receivers, trustees, or agents of such corporation who shall have authorized, ordered, or done any of the acts constituting the violation in whole or in part. Defines the terms used in this act.

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1 official file

• Introduced in Senate

  summary · EN · 11 March 1975

  Open at official source

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