Connally Hot Oil Act of 1935
The Connally Hot Oil Act of 1935 was enacted in the wake of the
It revived the provisions of Section 9 (c) of the NIRA and added procedural safeguards, which, the Supreme Court argued, were constitutional.[2] Ostensibly enacted to protect the industry from "contraband oil", it was mainly a way of cartelizing the industry to stabilize falling prices. The new law reestablished the NIRA's original provision that violators would receive a maximum jail sentence of six months[1][3] but also increased the maximum fine penalty from $1,000-which was enacted in the NIRA-[1] to $2,000.[3]
Though the legislation was intended to expire on June 16, 1937, it was maintained afterwards as a permanent law.[3] There was some debate as to the law's effects on the transport of other fuels such as coal and timber, and many independent oil producers vehemently opposed the government regulations.[3]
In 1937, four federal courts upheld the Connally Act, which was later administered by the Federal Petroleum Board, also created by the law, within the
See also
References
- ^ a b c "Our Documents - Transcript of National Industrial Recovery Act (1933)". Our Documents. Retrieved February 13, 2014.
- ^ "Panama Refining Co. v. Ryan - 293 U.S. 388 (1935) :: Justia US Supreme Court Center". Justia. Retrieved February 13, 2014.
- ^ a b c d e "Connally Hot Oil Act of 1935". The Handbook of Texas Online. Texas State Historical Association. Retrieved February 13, 2014.
- ^ "Kilgore Nat. Bank Et Al. v. Federal Petroleum Board., 209 F.2d 557 (5th Cir. 1954) - Federal Circuits - Docket Number: 14679 - March 28, 2008 - January 15, 1954 - vLex". vLex. Archived from the original on December 4, 2013. Retrieved February 13, 2014.
- Armentano, Dominick T. (1990). Antitrust and Monopoly: Anatomy of a Policy Failure. Oakland: The Independent Institute. ISBN 0-945999-62-3.[page needed]
External links
- "Connally Hot Oil Act of 1935". Handbook of Texas.
- "Business: Again, Hot Oil". Time. April 4, 1938.