Domestic Petroleum Company Acquisition Act of 1985

Summary

Domestic Petroleum Company Acquisition Act of 1985 - Amends the Clayton Act to prohibit: (1) any foreign-controlled major energy concern or affiliate from acquiring voting securities that would provide ownership or control of a domestic petroleum company if, after such acquisition, such company will be owned or controlled by the energy concern; and (2) any domestic petroleum company or affiliate from acquiring, owning, or controlling any foreign-controlled major energy concern or affiliate. Defines a "major energy concern" as any person engaged in commerce in the United States: (1) whose average net production of crude oil in the previous calendar year exceeded 500,000 barrels per day; or (2) who is under the control of one or more foreign persons. Authorizes the Attorney General, the Federal Trade Commission, or any aggrieved person to bring an action in the appropriate U.S. district court to enjoin such prohibited acts. Provides that temporary or permanent injunctive relief shall be granted upon proper showing. Provides that this Act shall not apply to an acquisition if the parties show that the transaction: (1) is likely to result in a material increase in new energy exploration, extraction, production, or conversion that cannot be achieved otherwise; or (2) is necessary to prevent one or both of the parties from becoming bankrupt.

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Timeline

1. 13 June 1985

   Introduced

   Read twice and referred to the Committee on Judiciary.

   Source: IntroReferral

2. 13 June 1985

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 18 June 1985

   Committee

   Committee on Judiciary requested executive comment from Justice Department, Commerce Department, Federal Trade Commission.

   Source: Committee

4. 29 July 1985

   Committee

   Committee on Judiciary received executive comment from Federal Trade Commission.

   Source: Committee

Votes

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Versions

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Documents

1 official file

• Introduced in Senate

  summary · EN · 13 June 1985

  Open at official source

Sponsors

• Sen. Metzenbaum, Howard M. [D-OH] · D · Sponsor
• Sen. Rudman, Warren [R-NH] · R · Sponsor
• Sen. Bumpers, Dale [D-AR] · D · Sponsor
• Sen. Levin, Carl [D-MI] · D · Sponsor
• Sen. Proxmire, William [D-WI] · D · Sponsor
• · ssju00 · Standing

Related records

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