Petroleum Industry Competition Act

Petroleum Industry Competition Act - Title I: Industry Competition - 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 asset; (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 in any production or transportation asset; and (4) for any person who owns any refining, production, or marketing asset to transport any energy resource in which he has any interest by means of any transportation asset in which that person has an interest.

Prohibits major refiners from acquiring additional marketing assets after January 1, 1977.

Authorizes the Federal Trade Commission to grant exemptions from the requirements of this Act in cases of special necessity where the retention or use of any transportation asset will not injure competition.

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 in special courts established by this Act for failure to comply with the provisions of this Act.

Imposes civil penalties of up to $100,000 for an individual and $1,000,000 for a corporation for violations of the provisions of this Act. Imposes a civil penalty of not more than $100,000 for each violation of a lawful order of the Commission.

Title II: Temporary Petroleum Industry Divestiture Court - Establishes a Temporary Petroleum Industry Divestiture Court with exclusive jurisdiction over all actions and suits brought under this Act. Stipulates that such court shall consist of three or more judges to be designated by the Chief Justice of the United States, and that the court shall be dissolved by order of the Chief Justice when its purposes have been accomplished.

Establishes procedures for direct appeal from the decisions of the Court to the United States Supreme Court.