Oil Company Divestiture Act

[AI summary unavailable — showing source text] Oil Company Divestiture Act - Makes it unlawful for any major petroleum producer, petroleum transporter, major refiner, or major marketer to own or control any interest or asset which is not in the petroleum industry or not directly related thereto. Directs such entities to file with the Federal Trade Commission such information and reports as the Commission may request. Directs such entities to submit for the Commission's approval a plan for divestment of the interest prohibited to be held under this Act, and directs the Commission upon granting such approval to take such actions as may be necessary to enforce such plan. Authorizes the Commission to sue in the United States district courts for such relief as appropriate to assure compliance with this Act. Establishes civil and criminal penalties for violations of this Act.…