A bill to authorize the Federal Power Commission to allocate scarce supplies of natural gas.

Authorizes the Federal Power Commission to require mandatory allocation of natural gas whenever natural gas supplies are in such short supply that a threat to public health, safety, or welfare is posed. Establishes criteria governing the operation of the mandatory allocation program.

Stipulates that such authority shall expire on July 1, 1978. Requires the Commission to report to Congress if it determines that a mandatory allocation program is not needed.