Natural Gas Act Amendments

Natural Gas Act Amendments - Transfers the authority of the Federal Power Commission to the Administrator of the Federal Energy Administration to establish wellhead prices for new or "exempt natural gas." Extends Federal Power Commission jurisdiction to direct sales of natural gas by pipelines to major industrial customers.

Alphabetizes the existing definitions in the Natural Gas Act and adds four new terms including the definition of "exempt natural gas."

Revises FPC jurisdiction over natural gas pipelines. Requires the FPC to permit pipelines to pass through the full price of flowing natural gas charged by producers affiliated with the pipeline so long as the rates do not exceed area ceilings or the charges of independent natural gas companies to that pipeline in the applicable area.

Authorizes the FPC to prohibit a pipeline from charging its customers more for natural gas produced by its affiliates than it is permitted to pass through when it purchases natural gas from an independent producer.

Requires the Commission to deny any increase in the wellhead price for old or "flowing natural gas" except to the extent that such increases are necessary to assure sound conservation practices by the producer, to prevent premature abandonment of flowing gas reservoirs or to meet actual increases in costs for advanced recovery techniques.

Requires the FPC to establish a uniform accounting system for natural gas producers, as well as for pipelines.

States that after an ajudicative hearing the FPC is directed to declare any natural gas company to be ineligible to bid or participate in any bidding on leases on Federal lands if such company willfully fails to reveal its natural gas reserves to the Commission, until such information is satisfactorily supplied. Provides for the disclosure of information obtained under the Natural Gas Act, with confidentiality exceptions.

Directs the FPC to conduct comprehensive studies of natural gas transportation and sale including an independent study of proved and potential reserves of natural gas.

Requires the FPC to concurrently submit all budget request and legislative recommendations to the Congress and the President. Prohibits new FPC members and senior FPC employees from receiving any compensation or employment from any person subject to the jurisdiction of the Commission for a period of one year following the termination of service with the Commission.

Extends the FPC's enforcement authority to area ceilings established by the FEA. Requires the FPC to assure that residential and small commercial users receive the benefit of lower priced "flowing natural gas", and that there is no discrimination in transportation charges among classes of customers nor quantity discounts.

Directs the Federal Energy Administration to establish area ceilings governing the wellhead price of exempt natural gas. States that the Administrator may at any time propose the termination of area ceilings for "exempt natural gas."

Establishes a limited term emergency allocation authority within the Federal Power Commission when shortages become so severe that either public health and safety or agricultural production are seriously threatened.