Summary: H.R.5042 — 98th Congress (1983-1984)All Information (Except Text)

There is one summary for H.R.5042. Bill summaries are authored by CRS.

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Introduced in House (03/06/1984)

Domestic Petroleum Company Acquisition Act of 1984 - Amends the Clayton Act to prohibit: (1) any major energy concern or affiliate from controlling any other major energy concern or any domestic petroleum company; and (2) any domestic petroleum company or affiliate from controlling any major energy concern or affiliate. Defines a "major energy concern" as any person engaged in commerce in the United States which: (1) had an average net production of crude oil, condensate, and natural gas liquids in the previous calendar year exceeding 500,000 barrels per day; or (2) is controlled by a foreign person. Defines a "domestic petroleum company" as any person engaged in commerce in the United States which had an average net production of crude oil, condensate, and natural gas liquids from U.S. sources in the previous calendar year exceeding 50,000 barrels per day. Defines "control" as the power to direct policies of a person through the ownership of 15 percent or more of the outstanding voting securities of a person or the acquisition from a person of assets related to the production, distribution, transportation, or marketing of crude oil, condensate, or natural gas liquids exceeding $2,000,000,000 in fair market value.

Directs the Attorney General, the Federal Trade Commission, or any other aggrieved person to seek appropriate relief when it appears that a violation of this Act has occurred or is about to occur.

Declares that the prohibition under this Act shall not apply if a major energy concern or a domestic petroleum company can demonstrate that in the absence of such control one or both of the entities involved will fail.