Petroleum and Gas Pipeline Industries Anticompetitive Act

Petroleum and Gas Pipeline Industries Anticompetitive Practices Act - Makes it unlawful for any person engaged in commerce in the business of extracting, exploring or developing crude oil or gas, refining crude oil, or distributing or marketing gas or any product refined from crude oil, to acquire any oil or gas pipeling after the date of enactment of this Act. Makes it unlawful after January 1, 1978, for any person covered by this Act to own or control any asset, the acquisition of which is prohibited.

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.

Defines the terms used in this Act.