Petroleum Industry Competition Act

(Reported to Senate from the Committee on the Judiciary with amendment, S. Rept. 94-1005)

Petroleum Industry Competition Act - =Title I: Industry Competition= - Declares the finding of Congress that existing antitrust laws have been inadequate to maintain industry and restore effective competition in the petroleum industry. Declares the policy of Congress to facilitate the creation and maintenance of competition in the petroleum industry through the separation and divestment of assets and interests of vertically integrated major petroleum companies.

Defines the terms used in this Act.

Makes it unlawful, five years after enactment of this Act: (1) for any major petroleum producer to own, or control any interest in any refinery, transportation, or marketing assets; (2) for any petroleum transporter to own or control any interest in any production, refinery, or marketing asset; (3) for any major refiner or major marketer to own or control any interest production or transportation asset; and (4) for any person who owns any refining asset, production asset, or marketing asset to transport any energy resource by any transportation asset in which he has any interest.

Makes it unlawful for any major refiner to operate any marketing asset which it did not operate prior to January 1, 1976.

Authorizes the Federal Trade Commission to exempt any prohibited assets under specified guidelines where the retention of such assets is consonant with the purposes of this Act.

Directs the Federal Trade Commission to require each person covered under the provisions of this Act to submit within 18 months of enactment of this Act a plan for divestment of the prohibited assets.

Directs the Commission to institute suits or actions only in the Petroleum Industry Divestiture Court established under this Act for such relief necessary to assure compliance with this Act.

Sets civil penalties for the violation of this Act at not more than $100,000 for individuals and $1,000,000 in the case of a corporation. Establishes a civil penalty of not more than $1,000,000 for the violation of any lawful order of the Commission issued pursuant to this Act.

=Title II: Temporary Petroleum Industry Divestiture Court= - Establishes the Temporary Petroleum Industry Divestiture Court. Provides for the appointemnt of judges to the court. Grants to the court the powers of a district court with respect to the jurisdiction conferred on it by this Act.

Authorizes the appointment of officers and employees as may be approved by the Director of the Administrative Office of the United States Courts.

Authorizes to be appropriated such sums as are necessary to carry out the purposes of this Act.