Natural Gas Price Relief and Market Correction Act

Natural Gas Price Relief and Market Correction Act - Amends the Natural Gas Policy Act of 1978 to set the maximum lawful price on any first sale of natural gas from December 13, 1982, through January 1, 1985, at the maximum lawful price applicable to such sale on October 1, 1982.

Provides that the maximum lawful price from December 13, 1982, through January 1, 1985, for any first sale of natural gas from a well the surface drilling of which began prior to December 13, 1982, and for which there was no maximum lawful price on October 1, 1982 (because of the elimination of price controls) shall be the contract price specified for deliveries of such natural gas on October 1, 1982.

Declares that any contract for the first sale of natural gas shall be deemed to include a volume adjustment option with respect to any natural gas the first sale delivery of which could occur pursuant to such contract at any time after the effective date of this Act. Defines "volume adjustment option" as a contract provision under which the purchaser may elect to refuse to take delivery under such contract of any volume of natural gas without incurring an obligation to pay any fee or charge with respect to the natural gas not delivered pursuant to such election.

Defines "abuse" under the Natural Gas Policy Act of 1978 to include, but not be limited to, the purchase by any natural gas pipeline company of any natural gas delivered on or after the effective date of this Act at an excessive price, unless the purchase of such gas is necessary to prevent waste. Considers the price of natural gas delivered to any natural gas pipeline company on any day excessive if that price exceeds the price of any other natural gas not delivered to such pipeline company on that day but which could have been acquired by such pipeline company for delivery on that day under any contract to which the pipeline is a party.

Requires every natural gas pipeline company to file every three months with the Federal Energy Regulatory Commission: (1) a statement concerning the volume adjustment clause, as well as steps it has taken to avoid the acquisition of natural gas at an excessive price; and (2) a modification of the costs to be recovered by the pipeline under a purchased gas adjustment clause by reason of steps taken by such pipeline to comply with this Act.