Petroleum Industry Antitrust Act

Summary

Petroleum Industry Antitrust Act - Expresses the finding of Congress that an ample supply of energy at reasonable cost is essential to the national interest, and that it is essential that emergency action be taken to reorganize the structure of the petroleum industry. Sets forth the definitions of terms used in this Act. Provides that, with specified exceptions, no company operating a refinery shall at the same time own or control any interest in any company engaged in the exploration for, development of, or production of crude oil or other liquid hydrocarbons, or in any company engaged in the marketing of finished products. Makes it unlawful for any pipeline company to transport any crude oil or other liquid hydrocarbon, or any finished product, which is produced or manufactured by such pipeline company or any company which is an affiliate of such pipeline company. Directs the Securities and Exchange Commission to require companies holding ownership interests in facilities which are prohibited by this Act to submit plans for the divestment of such ownership interest within one year from the date of enactment of this Act. Provides that any violations of this Act, upon application of any Federal court by the United States, or any customer, competitor or person affected by such violation, shall result in the forfeiture of $5,000 for each day such violation continues.

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1 official file

• Introduced in Senate

  summary · EN · 12 July 1973

  Open at official source

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