Oil Windfall Acquisition Act of 1980

[AI summary unavailable — showing source text] Oil Windfall Acquisition Act of 1980 - Amends the Clayton Act to prohibit any major producer of crude oil and natural gas liquids from acquiring control or a majority of the assets, either directly or indirectly, through merger, consolidation, or acquisition, of: (1) any other person in the business of energy exploration, extraction, production, or conversion, if such person has total assets of $100,000,000 or more and, in the event of an acquisition of a majority of such assets, $100,000,000 or more would be acquired; or (2) any person not in any of such specified businesses, if such person has total assets of $50,000,000 or more and, in the event of an acquisition of a majority of such assets, $50,000,000 or more would be acquired. Exempts from such prohibition any acquisition whose likely effect would be: (1) substantially to enhance competition in the domestic or foreign commerce of the United States; or (2) materially to increase or substantially to promote energy exploration, extraction, production, or conversion. Excludes from the application of such prohibition joint undertakings for the purpose of new energy exploration, extraction, production, conversion, transportation, …