Promotion of Energy Industry Competition Act

Promotion of Energy Industry Competition Act - Makes it unlawful for any of the 20 major petroleum companies (as identified by rule by the Federal Trade Commission) to own or control any interest in any energy refinery asset, energy transportation asset, or energy marketing asset on and after December 31, 1978. States that it shall also be unlawful for such companies to control mineral deposits in hydrocarbons and uranium and other fissionable minerals. Forbids any person at the same time to be a director, officer, or employee of two or more corporations or associations, which own or control deposits of, produce, refine, transport, or market at retail petroleum, products of petroleum refining, natural gas, coal, uranium, or other fissionable minerals. Gives the Federal Trade Commission exclusive authority to enforce compliance with these provisions.

Requires companies holding ownership interests in facilities which are covered by this Act to submit, within one year from the date of enactment of this Act, plans for the divestment of such ownership interests, whether represented by securities or otherwise.

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.

Prescribes penalties for any person who knowingly violates any provisions of this Act.