Petroleum Industry--Asset Divestiture

PETROLEUM INDUSTRY--ASSET DIVESTITURE. INITIATIVE STATUTE. Establishes Petroleum Industry Competition Commission. Defines terms used in statute. After 1981, no "major producer," "major refiner" or "petroleum transporter" shall operate a 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. Fiscal impact on state or local governments: State revenues would be reduced by an unknown amount. State costs would be increased by more than $2,500,000. There would be no significant direct fiscal impact on local governments.