Natural Gas Supply and Conservation Act

Natural Gas Supply and Conservation Act - Amends the Natural Gas Act to terminate Federal Power Commission authority to regulate sales of new natural gas in interstate commerce.

Stipulates that prices for offshore sales of new natural gas shall not exceed the ceiling price of sales of new natural gas produced from offshore Federal lands.

Stipulates that prices paid for natural gas in transactions between a natural gas company and its affiliates shall not exceed prices paid in comparable sales by persons not affiliated with any natural gas company.

Amends the Emergency Natural Gas Act of 1977 to extend various emergency authorities under such Act through 1979.

Establishes procedures for the setting of ceiling prices for new natural gas produced from offshore Federal lands through April 20, 1982. Authorizes the Commission to grant exemptions to price ceilings within high-cost production areas. Establishes procedures for adjustments to price ceilings set pursuant to this Act.

Directs the Commission to prohibit the curtailment of adequate supplies of natural gas for essential agricultural purposes.

Establishes procedures governing the allocation of increased cost of natural gas to pipeline companies amongst various user classes.