Petroleum Industry Competition Act

Petroleum Industry Competition Act - Declares the finding of the Congress that existing antitrust laws have been inadequate to maintain and restore effective competition in the petroleum industry.

Declares the policy of Congress to facilitate the creation of competition in the petroleum industry through the operation and divestment of assets and interests by vertically integrated major petroleum companies.

Defines the terms used in this Act.

Makes it unlawful, three years after enactment of this Act: (1) for any major petroleum producer to own, or control any interest (direct, indirect, or through an affiliate) in any refinery, transportation, or marketing asset; (2) for any petroleum transporter to own or control any interest (direct, indirect, or through an affiliate) in any production, refinery, or marketing asset; (3) for any major refiner or major marketer to own or control any interest (direct, indirect, or through an affiliate) in any production or transportation asset; and (4) for any major refiner to own or control any interest (direct, indirect, or through an affiliate) in any marketing asset.

Stipulates that three years after enactment of this Act, it shall be unlawful for any person who owns any interest affecting commerce in any refining or production or marketing asset to transport any crude oil or refined product in which he has an interest by means of any transportation asset in which he has any interest.

Directs the Federal Trade Commission to require each person covered under the provisions of this Act to submit within one year of enactment of this Act a plan for divestment of the prohibited assets.

Directs the Federal Trade Commission to institute suits in the district courts of the United States requesting the issuance of such relief as is appropriate to assure compliance with this Act.

Stipulates that any person who knowingly or willfully violates this Act shall be punished, in the case of an individual, by a fine 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 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. Provides that a 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, or who shall have omitted to authorize, order, or do any acts which would terminate, prevent, or correct conduct violative of this Act.

Provides that any person who violates a lawful order of the Federal Trade Commission issued pursuant to this Act shall forfeit and pay to the United States for each violation a civil penalty of not more than $100,000 which shall accrue to the United States and may be recovered in a civil action brought by the Commission.