Petroleum Marketing Moratorium Act

Summary

Petroleum Marketing Moratorium Act - Declares that it is the policy of Congress to assist in stabilizing the economy, reducing inflation, and protecting the purchasing power of the dollar by making the marketing of petroleum products more competitive. Sets forth the definitions of terms used in this Act. Makes it unlawful for any person directly or indirectly engaged in the production, refining, or transportation of petroleum products whose aggregate gross sales exceeded $1,000,000,000 during last year or any preceding year to acquire, operate, or control either directly or indirectly any wholesale or retail outlet for the marketing of petroleum products which were not acquired, operated, or controlled by such person as of May 10, 1973. Penalizes violators of this Act by imposing a fine of up to $100,000 or by imprisonment of up to ten years, or both. Directs the Federal Trade Commission to prepare a plan for the divestiture of "persons" engaged in the production or refining of petroleum products from the marketing of petroleum products.

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1 official file

• Introduced in Senate

  summary · EN · 3 August 1973

  Open at official source

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