Public Energy Act

Public Energy Act - Title I: Declaration of Policy - Declares it unlawful after the date of enactment of this Act for any person engaged in commerce in the business of refining energy resource products to acquire any energy resource product extraction asset, energy pipeline asset, or energy marketing asset.

Directs the Attorney General and the Federal Trade Commission to simultaneously and independently examine the relationship of persons now engaged in one or more branches of the energy industry and to institute suits in the district courts of the United States where appropriate under this Act.

Imposes criminal penalties for knowing violations of this title.

Title II: Federal Energy Commission - Establishes as an independent regulatory commission the Federal Energy Commission, consisting of five Commissioners who shall be appointed by the President, by and with the advice and consent of the Senate. Directs the Commission to divide the country into regional districts served by energy refinery assets in order to insure a sufficient supply of energy resource products throughout the United States.

Directs, the Commission to prescribe all rates and charges (or the manner for determining all rates and charges) made, demanded, or received by energy refinery assets in connection with the sale of energy resource products.

Directs the Commission to specify (or prescribe a manner for specifying) the price of energy resource products at all levels of sale if the Commission finds that such action is necessary to avoid excessive prices to the ultimate consumer of such products.

Imposes civil and criminal penalties for violations of this title.