Amends the Clayton Act to temporarily prohibit any person engaged in commerce or in any activity affecting commerce from acquiring control of a domestic petroleum corporation if the corporation disapproves the acquisition. Defines "control" as the acquisition of more than four percent of the stock, share capital, or assets of the corporation.

Directs the Secretary of Energy, the Federal Trade Commission, the Securities and Exchange Commission, and the Federal Reserve Board to investigate and report to the Congress on the effects of such prohibited corporate takeovers on domestic petroleum supplies, competition in the marketing of petroleum products, petroleum industry financing methods, and credit markets, respectively.