Natural Gas Price Reduction Act of 2005

Natural Gas Price Reduction Act of 2005 - Amends the Energy Policy and Conservation Act to prescribe implementation guidelines for broad-based energy conservation and energy efficiency programs that include: (1) reducing residential demand and expanded appliance and equipment efficiency standards; (2) deployment for distributed generation, solar energy technologies, and biomass; (3) hydrogen and fuel cell initiative; and (4) demand side management that provides smart metering and net metering.

Amends the Public Utility Regulatory Policies Act of 1978 to cite circumstances for the termination of mandatory sale and purchase requirements with respect to electric power from a qualifying cogeneration facility or a qualifying small power production facility.

Directs the Administrator of the Environmental Protection Agency to promulgate regulations to revise the permitting requirements of the Clean Air Act. Prescribes guidelines for expedited review of preconstruction requirements under such Act.

Sets forth a broad-based oil and gas lease production program that includes: (1) royalty relief for deep water production; (2) coastal impact assistance program; (3) Rocky Mountain gas production; (4) gas methane research; (5) gas hydrate production incentives; and (6) marginal property production incentives.

Directs the President to establish an Office of Federal Energy Project Coordination.

Directs the Secretary of the Interior to: (1) review current Federal onshore oil and gas leasing and permitting practices; and (2) establish a Federal permit streamlining pilot project.

Prescribes guidelines for an energy infrastructure that includes: (1) siting, construction, and operation of natural gas importation and exportation, including offshore facilities; (2) natural gas pipeline infrastructure; and (3) natural gas storage facilities.