Free Enterprise in Petroleum Act - Recites findings by Congress concerning the applicability of the Interstate Commerce Act to the petroleum industry. Finds that it is essential to reorganize the petroleum industry in such a manner as to make possible effective policy decisions while at the same time protecting the interests of investors.

Defines the terms used in this Act, including "refinery", "affiliate", and "independent refiner".

Prohibits, under the Interstate Commerce Act, any common carrier pipeline from transporting crude oil, other liquid hydrocarbons, or finished products, if the commodity transported is owned by the pipeline or any affiliate.

Prohibits any company operating a refinery, other than an independent refiner, from owning or controlling any interest in exploration for, development of or production of crude oil or other liquid hydrocarbons, including synthetics.

Forbids any company operating a refinery, other than an independent refiner, from owning, controlling or operating facilities for the sale of finished products, other than those facilities necessary for the sale of products directly from the the refinery.

Empowers the Securities and Exchange Commission to receive and consider divestment plans filed by integrated companies and to approve the plan and direct its implementation.

Permits companies otherwise subject to the prohibitions of this Act to continue operations for one year prior to the filing of an appropriate divestment plan with the Securities and Exchange Commission, and thereafter during the period required for the consideration, approval and implementation of such a plan by the Commission.

Imposes penalties for the violation of this Act to consist of a forfeiture of $5,000 for each day a company is in violation.