Natural Gas Act Amendments

Natural Gas Act Amendments - Amends the Natural Gas Act to direct the Federal Power Commission to establish a national ceiling price for natural gas which allows for an average rate of return on investment by natural gas companies of 18 percent. Authorizes the Commission to establish higher ceiling prices in the cases of high-cost production. Stipulates that higher prices shall be presumed necessary for high-cost independent producers within specified limits.

Directs the Commission to collect and verify information on natural gas reserves and production costs. Directs the Commission to report to the Congress and the President such information, together with recommendations and economic analyses of natural gas pricing policies.

Directs the Commission to prohibit the curtailment of adequate supplies of natural gas for essential agricultural purposes. Directs the Secretary of Agriculture to determine which agricultural uses shall be deemed essential.

Directs the Commission to establish procedures governing allocation of increased rates and charges of natural gas pipeline companies amongst various user classes. Stipulates that residential and small business users of natural gas shall be accorded priority treatment in such cost allocation.

Authorizes the Commission to order temporary compliance with delivery obligations where contract disputes threaten to halt delivery of natural gas supplies.

Imposes additional requirements for exploration and development of oil and gas leases on Federal lands. Directs the Secretary of the Interior to terminate lease agreements upon failure of the lessee to comply with essential terms of the agreement. Stipulates that persons who have been so terminated shall be ineligible to receive future oil and gas rights on Federal lands.