There is one summary for this bill. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (07/29/1976)

Natural Gas Act Amendments - Amends the Natural Gas Act to terminate Federal Power Commission authority to directly regulate sales prices of new natural gas except for new natural gas produced from offshore Federal lands.

Stipulates that prices for onshore sales of new natural gas shall not exceed the ceiling price for sales of new natural gas produced from offshore Federal lands.

Stipulates that prices paid for natural gas in transactions between a natural gas company and its affiliates shall not exceed prices paid in comparable sales by persons not affiliated with any natural gas company.

Directs the Federal Power Commission to conduct studies and make reports regarding the nature and availability of natural gas reserves. Requires that the Commission keep current information available relating to the estimated natural gas reserves for individual fields.

Establishes procedures for the establishment of ceiling prices for new natural gas produced from offshore Federal lands. Authorizes the Commission to grant exemptions to price ceilings within high-cost production areas. Establishes procedures for adjustments to price ceilings established pursuant to this Act.

Directs the Commission to prohibit the curtailment of adequate supplies of natural gas for essential agricultural purposes.

Stipulates that the provisions of the Natural Gas Act shall extend to synthetic natural gas.

Directs the Commission to prohibit the use of natural gas as boiler fuel where adequate alternatives are available. Authorizes exemptions from such prohibition where necessary to comply with pollution control or environmental protection and safety standards.

Establishes procedures for the establishment and periodic revision of national ceiling prices for the sale of old natural gas in interstate commerce.