Public Energy Competition Act

Public Energy Competition Act - Amends the Mineral Leasing Act of 1920 to prohibit any person, association, or corporation which was a major oil company on any day during the five-year period immediately preceding a proposed coal lease acquisition from directly or indirectly acquiring such lease from the Secretary of the Interior after December 31, 1981. Prohibits such a major oil company from directly or indirectly locating or recording any claim for uranium or for any other fissionable material.

Allows any person, association, or corporation which holds any lease under the Mining Lease Act of 1920, with the approval of the Secretary of Interior, to modify or revise its lease to include lands contiguous to those originally leased, not to exceed a specified acreage limit.