Natural Gas Act Amendments

Natural Gas Act Amendments - Defines "new natural gas" as gas reserves which the Federal Power Commission, in its discretion, determines was not dedicated to interstate commerce prior to the date of enactment of this Act. Defines "old natural gas" as those supplies of gas which, as determined by the Commission, were dedicated to interstate commerce before the date of enactment of this Act.

Provides that the Commission may allow rates and charges for new natural gas in excess of the national ceiling if there are extraordinary expenses that could not be foreseen at the time the national ceiling was established.

Gives the Commission specified powers to deny, in whole or in part, any rates and charges made by any natural gas company for or in connection with the sale of new natural gas, and to order a decrease in the charge made for old natural gas.

Provides that in any case where a natural gas company purchases natural gas from an affiliate, the Commission may, under specified circumstances, disallow charges made by such company for the purchase of new natural gas.

Authorizes and directs the Commission to conduct studies of the production, gathering, storage, transportation, distribution, and sale of natural or artificial gas throughout the United States.

States that the Commission shall by regulation establish, and may from time to time modify, a national ceiling for rates and charges for the sale or transfer of new natural gas to natural gas companies.

Enumerates factors which shall be considered in establishing a national celing, including: (1) the projected costs attributable to exploration, development, gathering, and sale of natural gas; and (2) the rates and charges that will protect natural gas consumers from unnecessary price increases.

Directs that the Commission shall, by regulation, prohibit any interruption or curtailment of natural gas needed for specified agricultural purposes, including the production of fertilizer and essential agricultural chemicals in new and existing plants. States that "sufficient quantities" for such purposes means the amount of natural gas which (1) the Secretary of Agriculture certifies to the Commission is necessary to meet domestic requirements; and (2) the Secretary of State certifies to the Commission are necessary to meet the Nation's humanitarian commitments abroad.