Petroleum Divestiture Act

Summary

Petroleum Divestiture Act - Prohibits, five years after the enactment of this Act, petroleum transporters (pipeline), and major producers, refiners, and marketers of petroleum and petroleum products from owning or controlling any interest in an asset used in a phase of the petroleum industry other than the one in which the transporter, producer, refiner, or marketer is engaged. Authorizes the Federal Trade Commission to exempt corporations formed or reorganized as a result of compliance with this Act from provisions of the antitrust laws with respect to interlocking directorates for a period not to exceed one year. Requires producers subject to the provisions of this Act to submit plans to the Commission for the divestiture of prohibited assets within 18 months after the enactment of this Act. Places primary oversight jurisdiction over divestitures in the Commission and directs the Securities and Exchange Commission to advise the Commission as to the effect of divestiture plans on holders of debt and equity interests in affected corporations. Imposes civil penalties of up to $100,000 for an individual and up to $1,000,000 for a corporation for violations of the provisions of this Act. Imposes a civil penalty of up to $100,000 for violations of lawful orders issued by the Commission pursuant to this Act. Stipulates that each day of a continuing violation shall be deemed a separate offense. Title II: Temporary Petroleum Industry Divestiture Court - Creates a Temporary Petroleum Industry Divestiture Court composed of Federal judges appointed by the Chief Justice of the United States. Stipulates that such court shall have exclusive jurisdiction over all cases relating to the provisions of this Act. Stipulates that review of the decisions of the court may be obtained only by petition to the Supreme Court of the United States.

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1 official file

• Introduced in Senate

  summary · EN · 3 May 1977

  Open at official source

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