Competition in Energy Act

Competition in Energy Act - Expresses the policy of Congress, including that this Act will create competition in the energy industry, thereby breaking the economic stranglehold of monopoly power and eliminating the necessity for uneconomic regulation by Government.

Prohibits major petroleum refiners or producers from controlling petroleum pipeline facilities in interstate commerce. Prescribes major producer control of refineries. Prohibits any energy company in interstate commerce from owning or controlling any primary energy source in the United States where the effect may be substantially to inhibit the production of energy in any section of the country.

Requires that divestment of assets prohibited by this Act be accomplished within three years from the date of enactment of this act in accordance with a plan submitted by the person or company involved and approved by the Federal Trade Commission.

Provides penalties of fines and imprisonment for persons who violate any provision of this Act and declares that a violation by a corporation shall be deemed to also be a violation by any individual who by corporate authority ordered, authorized, or did any acts constituting the violation.