A bill to provide authority to institute emergency measures to minimize the adverse effects of natural gas shortages, to provide authority to allocate propane, to regulate commerce to assure increased supplies of natural gas at reasonable prices for consumers.

Title I: Emergency Natural Gas Authority - Natural Gas Emergency Standby Act - Declares the finding of the Congress that the Nation will suffer severe shortages of natural gas during the heating season from November 1975 through March 1976.

Grants the Federal Power Commission authority to allow natural gas companies which transport natural gas in interstate commerce with inadequate quantities of natural gas to meet the requirements of their high priority consumers of natural gas, to purchase natural gas from sources not in interstate commerce and from other such companies on an emergency basis free from specified requirements of the Natural Gas Act.

Grants the Federal Energy Administration the authority to prohibit the use of natural gas as boiler fuel.

Grants the President the standby authority to allocate propane gas during periods of actual or threatened severe shortages of natural gas. Authorizes civil penalties of not more than $2,500 for each violation or violations of orders or regulations issued by the President under such standby authority.

Provides that this title shall expire on midnight April 4, 1976.

Title II: Natural Gas Act Amendments - Provides for the termination of the regulation by the Federal Power Commission of the sale of new natural gas to natural gas companies for resale in interstate commerce pursuant to the Natural Gas Act.

Directs the Commission to conduct studies of the production, gathering, shortage, distribution, and sale of natural, artificial, or synthetic gas throughout the United States and its possessions.

Requires the Commission to secure and keep information regarding the ownership, management, and control of all facilities for production and distribution of such gas.

Requires a report by the Commission to the President and the Congress.

Directs the Commission to establish a national ceiling for rates and charges for the sale or transfer in interstate commerce by any person of new natural gas produced from offshore Federal lands on or after January 1, 1975, through December 31, 1980.