A resolution to establish a select committee of the Senate to conduct an investigation and study of the extent to which illegal, improper, unethical and other related activities are engaged in by domestic and multinational petroleum corporations.

Establishes a Senate Select Committee on Petroleum Corporation Activities to conduct an investigation and study of the extent to which illegal, improper, and unethical activities are engaged in by domestic and multinational petroleum corporations individually or in combination with others. Requires such committee to determine whether in its judgment any occurrences which may be revealed by the investigation and study indicate the necessity or desirability of the enactment of congressional legislation to safeguard the nation's economic, environmental, and social welfare.

Requires the select committee to make regular and periodic reports to the Senate on the nature and extent of the intelligence activities of various departments and agencies of the United States.