Natural Gas Industry Competition Act

Natural Gas Industry Competition Act - Title I: Industry Competition - Makes it unlawful, five years after the date of enactment of this Act, for major producers, transporters, and marketers of natural gas to control any interest in other natural gas assets. Prohibits major producers, marketers, on transporters to own more than 50 percent of the equity in any such prohibited assets within three years of the date of enactment of this Act.

Prohibits joint ventures and other agreements or arrangements designed to result in acquisition or retention of prohibited assets. Prohibits major producers, marketers, or transporters from making additional investments in prohibited assets.

Requires filing of information and reports with the Attorney General by persons affected by this Act. Imposes criminal and civil penalties for violations of the provisions of this Act.

Title II: National Energy Industry Competition Court - Creates a National Energy Industry Competition Court to have exclusive jurisdiction over all actions relating to this Act. Establishes procedures governing the operation of such court. Stipulates that decisions of such court shall be directly appealable to the United States Supreme Court.