Petroleum Industry Competition Act

[AI summary unavailable — showing source text] Petroleum Industry Competition Act - Declares the finding of the Congress that existing antitrust laws have been inadequate to maintain and restore effective competition in the petroleum industry. Declares the policy of Congress to facilitate the creation of competition in the petroleum industry through the operation and divestment of assets and interests by vertically integrated major petroleum companies. Defines the terms used in this Act. Makes it unlawful, three years after enactment of this Act: (1) for any major petroleum producer to own, or control any interest (direct, indirect, or through an affiliate) in any refinery, transportation, or marketing asset; (2) for any petroleum transporter to own or control any interest (direct, indirect, or through an affiliate) in any production, refinery, or marketing asset; (3) for any major refiner or major marketer to own or control any interest (direct, indirect, or through an affiliate) in any production or transportation asset; and (4) for any major refiner to own or control any interest (direct, indirect, or through an affiliate) in any marketing asset. Stipulates that three years after enactment of this Act, it shall be unlawful f…