To require that any natural gas rate increase be subject to a determination by the Federal Energy Regulatory Commission as to whether it is just and reasonable, and for other purposes.

Provides that any natural gas rate increase, including the passthrough of natural gas acquisition costs, proposed by an interstate pipeline shall become effective only after the Federal Energy Regulatory Commission has determined that the proposed rate is just and reasonable.

Repeals a provision of the Natural Gas Policy Act concerning guaranteed passthrough, denial of certificates based upon prices paid, and the recovery of just and reasonable prices paid.