Petroleum Industry - Asset Divestiture

PETROLEUM INDUSTRY - ASSET DIVESTITURE. INITIATIVE STATUTORY AMENDMENT. Establishes Petroleum Industry Competition Commission. Defines terms used in amendment. After 1981, no major producer, major refiner or petroleum transporter shall operate retail service station in California. Time extension for service station divestitures possible. After 1983, unlawful for major producer, major refiner, major marketer or petroleum transporter to own or control asset in California in any of other three phases of petroleum industry. Commission may permit retention of certain transportation assets. Commission shall approve plans for divestiture of prohibited assets. Prohibits acquisition of alternative energy sources by major producers, refiners, marketers or transporters. Financial impact: State revenues would be reduced by an unknown amount and state costs increased by more than $2,500,000. No significant impact on local governments