Public Energy Competition Act

Public Energy Competition Act - Amends the Mineral Lands Leasing Act of 1920 to prohibit any person, association, or corporation which, together with its affiliates, produces, refines, transports, or markets at retail a daily worldwide average of at least 1,600,000 barrels of crude oil or the equivalent natural gas or products of petroleum refining, from directly or indirectly taking acquiring control of, any mineral lease, whether acquired directly from the Secretary of the Interior under specified Acts or otherwise, or from locating or recording any mineral claim.

Disallows the Secretary from issuing any lease or recognizing any claim if the person or corporation: (1) would control mineral deposits of two or more kinds of major energy sources as a result or such lease or claim; (2) engages in two or more functions essential to the petroleum and natural gas industries; or (3) enters or participates in a joint venture with another similarly situated corporation without approval of the Secretary.