Petroleum Industry Competition Act of 1979

Petroleum Industry Competition Act of 1979 - Makes it unlawful three 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 major refiner to own or control any marketing asset. Makes it unlawful three years after enactment of this Act for any person who owns any refining, production, or marketing asset to transport any crude oil or refined product in which he has an interest by means of any transportation asset in which he has any interest.

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

Directs the Commission to institute suits in district courts for failure to comply with the provisions of this Act.

Imposes penalties of up to $500,000 or imprisonment for a period not to exceed ten years, or both, for an individual; and $500,000 or suspension of the right to do business in interstate commerce for a period not to exceed ten years, or both, 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.