A bill to stimulate and to increase competition in the refining sector of the petroleum industry.

Authorizes the President to take such action as may be necessary, including the acquisition of lands and interests therein, to cause to be designed and constructed a minimum of seven full-scale optimum commercial-size facilities for the refining of petroleum products, of which at least one such facility shall be located within each of the five Petroleum Administration for Defense Districts (PAD Districts).

States that the location and construction of the refining facilities shall be carried out consistent with environmental impact considerations.

Requires the President to transfer, to each of the corporations established pursuant to this Act, all land and interests therein owned or acquired for such refining facilities, together with any improvements, from time to time.

Establishes, within one year after the date on which this Act becomes effective, for each refining facility authorized under this Act, one corporation for profit which will not be an agency or establishment of the United States Government.

Authorizes each such corporation to issue, sell, and have outstanding equity and debt securities in such amounts and at such times as it shall determine. States that the shares of common stock initially offered shall be sold at a price not in excess of $50 for each share and in a manner to encourage the widest distribution to the American public.

States that no person who owns 1 percent or more of the voting securities of any other oil company shall be permitted to own, directly or indirectly, voting securities or any securities convertible into voting securities of any corporation established under this Act; and that no stockholder or affiliated person of such stockholder when considered together may own, beneficially or of record, or both, more than 5 percent of the outstanding voting securities of any corporation established under this Act.

Provides that each such corporation shall, from time to time, offer to sell on a priority and first choice basis the products of its refinery to independent marketers who hold no substantial beneficial interest in or ownership of any oil producing lands, refineries, or petroleum, or oil transmission or gathering pipelines.

States that any such corporation or any other person who willfully violates any provision of this title shall be fined not more than $10,000 or imprisoned for not more than five years, or both.

Provides that any corporation or person who realizes, or could at his election realize, a profit as a result of acquiring voting securities of any such corporation in violation of this Act shall be fined an amount equal to the amount of such profit.

Authorizes to be appropriated such sums as may be necessary to carry out the purposes of this Act.

Authorizes for the purpose of carrying out the provisions of this Act relating to the construction of refining facilities, including land acquisition, an appropriation, without fiscal year limitation, in the sum of $3,000,000,000.