A bill to authorize the Federal Energy Administration to allocate scarce supplies of natural gas under priorities which assure adequate allocations for fertilizer production and industries which use natural gas as an essential element in their production process.

Authorizes the Federal Energy Administration to allocate natural gas supplies when a shortage of such supplies threatens the public health, safety or welfare.

Requires such an allocation to be equitable among all geographic areas and economic sectors, with industries which use natural gas as an essential element in their production processes given the highest priority.

Extends the Federal Energy Administration through fiscal year 1978.