Petroleum Industry Anti-Competitive Practices Act

Petroleum Industry Anti-competitive Practices Act - Makes it unlawful for any person engaged in commerce in the business of extracting crude petroleum, in transporting crude or refined petroleum by pipeline, or in refining crude petroleum to acquire any petroleum marketing asset after the date of enactment of this Act. Makes it unlawful for any person covered by this Act to own or control any asset, the acquisition of which by him is prohibited under such sub- section, more than three years after the date of enactment of this Act.

Provides that any person knowingly violating the provisions of this Act shall upon conviction be punished by a fine of not to exceed $100,000 or by imprisonment not exceeding ten years, or both, in the discretion of the court. Provides that violation by a corporation shall be deemed to be also a violation by the individual directors, officers, receivers, trustees, or agents of such corporation who shall have authorized, ordered, or done any of the acts constituting the violation in whole or in part.