Petroleum Decontrol and Deconcentration Act

Summary

Petroleum Decontrol and Deconcentration Act - Title I: Industry Competition - Prohibits, five years after the date of enactment of this Act, petroleum producers from controlling any interest in petroleum refining, transportation, or marketing assets. Prohibits the acquisition of additional substantial refining, marketing, or transportation assets by substantial petroleum producers after January 1, 1977. 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. 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. Title III: Oil Price Regulation - Amends the Emergency Petroleum Allocation Act of 1973 to direct the President to amend petroleum price control regulations to reflect monthly adjustments in ceiling prices of domestically-produced crude oil which are equivalent to prices for crude oil produced outside the United States. Authorizes Congressional review of Presidential actions taken pursuant to this title.

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Timeline

1. 1 October 1976

   Introduced

   Referred to Senate Committee on the Judiciary.

   Source: IntroReferral

2. 1 October 1976

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

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Versions

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Documents

1 official file

• Introduced in Senate

  summary · EN · 1 October 1976

  Open at official source

Sponsors

• Sen. Hart, Gary W. [D-CO] · D · Sponsor
• · ssju00 · Standing

Related records

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