Petroleum Industry Company Act

[AI summary unavailable — showing source text] Petroleum Industry Company Act - States the finding of the Congress: (1) that the industrial organization of the petroleum industry in its present form does not serve the public interest; (2) that industry is characterized by aggregations of capital of tremendous size; (3) that these large companies are engaged in petroleum refining, but are interlocked at various levels of industry operation to the degree that the national policy of competitive free enterprise is frustrated; and (4) that by virtue of intercompany arrangements and vertical integration of refiners into the production of crude oil, the transportation of crude oil and finished products, and the marketing of finished products, these large refiners have acquired and hold substantial monopoly power over interstate and foreign commerce in petroleum, adversely affecting the ability of the United States to establish a rational energy policy or conduct its foreign relations properly in important areas. Provides that after the date of enactment of this Act, except as specifically provided in this Act, no company operating a refinery, other than an independent refiner, shall at the same time own or control any interest of any …