A bill to give greater assurance that national and regional needs are satisfied in times of shortage of natural gas and petroleum and its products.

Declares the finding of Congress that domestic supplies of natural gas and petroleum are not sufficient to meet present and anticipated national and regional needs.

Declares that the purpose of this Act include: (1) to direct the Federal Power Commission to observe specified congressionally defined objectives in the administration of its authority under the Natural Gas Act respecting the curtailment of natural gas distributed in interstate commerce; and (2) to establish a means to compel transfers of supplies of naturl gas among natural-gas companies.

Directs the Commission to review each curtailment plan which is in effect on the date of enactment of this Act, and to modify such plan as to assure the attainment of the goals set forth in this Act.

Provides that any curtailment plan shall, to the maximum extent practicable, provide for: (1) the protection of public health, safety, and welfare, and national defense; (2) maintenance of all public services; (3) maintenance of agricultural operations; and (4) minimization of economic distortion. Directs the Commission to direct the interchange, delivery, or transportation of natural gas among natural-gas companies as may be appropriate to the attainment of such objectives.

Sets forth procedures for notice to the public and companies who may be affected by specified Commission action.