Energy Industry Competition Act

Summary

Energy Industry Competition Act - Expresses the declarations of Congress that (1) the United States is committed to the goal of a free enterprise economy and (2) the Nation needs to develop energy resource products. Enumerates additional Congressional findings. Sets forth the definitions of terms used in this Act. Makes it unlawful for any person engaged in commerce in the business of (1) extracting energy resource products to acquire any energy pipeline asset, energy refinery asset, or energy marketing asset; (2) transporting energy resource products by pipeline to acquire any energy resource product extraction asset, energy refinery asset, or energy marketing asset; (3) refining energy resource products to acquire any energy resource product extraction asset, energy pipeline asset, or energy marketing asset; or (4) marketing energy resource products to acquire any energy resource product extraction asset, energy pipeline asset, or energy refinery asset. Directs the Attorney General of the United States and the Federal Trade Commission to independently examine the relationship of persons now engaged in the energy industry and institute suits requesting the issuance of such relief as is appropriate under this Act. Provides that any person who knowingly violates this Act shall, upon conviction, be punished, in the case of an individual, by a fine of not to exceed $500,000 or by imprisonment for a period not to exceed ten years, or both; or in the case of a corporation, by a fine of not to exceed $5,000,000 or by suspension of the right to do business in interstate commerce for a period not to exceed ten years, or both.

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1 official file

• Introduced in Senate

  summary · EN · 26 July 1973

  Open at official source

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