Petroleum Marketing Practices Act Amendments of 1987

[AI summary unavailable — showing source text] Petroleum Marketing Practices Act Amendments of 1987 - Amends the Petroleum Marketing Practices Act to provide that, with respect to the sale, consignment, or distribution of motor fuel, the term "franchise" includes any contract between specified parties which is economically necessary to the operation of the franchise. Provides that the termination or non-renewal of a franchise relationship, upon expiration of an underlying lease for marketing premises, is reasonable in the event that the franchisor: (1) has an option to renew or purchase an underlying lease or premises and, at least 90 days before such option expires, provides the franchisee with the name, address, and phone number of the owner or lessor; and (2) agrees not to terminate the franchise relationship solely because of the lease and option expiration during any term during which the franchisee is able to retain possession of the premises as a result of entering into an agreement with the owner or lessor.…