Petroleum Industry Competition Act of 1979

[AI summary unavailable — showing source text] Petroleum Industry Competition Act - Title I: Industry Competition - Makes it unlawful, five years after enactment of this Act: (1) for any major petroleum producer to own or control any interest in any refinery, transportation, or marketing asset; (2) for any petroleum transporter to own or control any interest in any production, refinery, or marketing asset; (3) for any major refiner or major marketer to own or control any interest in any production or transportation asset; and (4) for any person who owns any refining, production, or marketing asset to transport any energy resource in which he has any interest by means of any transportation asset in which that person has an interest. Prohibits major refiners from acquiring additional marketing assets after January 1, 1979. Authorizes the Federal Trade Commission to grant exemptions from the requirements of this Act in cases of special necessity where the retention or use of any transportation asset will not injure competition. Directs the Federal Trade Commission to require each person covered under the provisions of this Act to submit within 18 months of enactment of this Act a plan for divestment of the prohibited assets. Direc…