Petroleum Marketing Practices Act Amendments of 1994

Petroleum Marketing Practices Act Amendments of 1994 - Amends the Petroleum Marketing Practices Act to allow as grounds for nonrenewal of a franchise relationship the failure of the parties to agree to changes to the franchise provisions if such failure is not the result of the franchisor's insistence for the purpose of converting the leased marketing premises to operation by the franchisor's employees or agents (that is, turning the franchise into a company-owned station).

Requires a franchisor that does not wish to exercise its underlying lease options to lease or purchase the marketing premises to offer to assign them to the franchisee as a prerequisite to termination or nonrenewal of the franchise relationship.

Bars a franchisor from requiring, as a condition of the franchise relationship, that the franchisee waive or release its rights under Federal or State law. Declares invalid and unenforceable any franchise provision which specifies that franchise interpretation or enforcement shall be governed by the law of any State other than the one in which the franchisee has its principal place of business.

Prohibits a State or any political subdivision from implementing any law or regulation which requires payment for a franchisee's goodwill upon either termination or nonrenewal of a franchise. Permits State law to specify the terms and conditions under which a franchise or franchise relationship may be transferred to a franchisee's designated successor upon the franchisee's death.

Amends the definition of "failure" to provide that it does not include any failure based on a provision of the franchise which is illegal or unenforceable under State law.