A bill to amend the Natural Gas Policy Act of 1978 to freeze the price under any natural gas contract at the price applicable as of January 1, 1983, to exempt from such freeze any contract having a market-out clause if the contract was entered into after the effective date of this Act and any contract entered into on or before such date which is renegotiated as to price after such date and which has a market-out clause.

Amends the Natural Gas Policy Act of 1978 to provide that the maximum lawful price computed under this Act shall apply to any first sale of natural gas if the gas is sold under any contract which : (1) was entered into on or before the effective date of this Act if the contract is not renegotiated as to price on or after such date or does not contain a market-out clause; and (2) was entered into after such effective date if such contract does not contain a market-out clause. Provides that the maximum lawful price, per million Btu's, under this Act shall be: (1) in the case of any contract entered into on or before such effective date, the price applicable under the contract for deliveries on January 1, 1983; and (2) in the case of any contract entered into after such effective date, the maximum lawful price determined by the Federal Energy Regulatory Commission to be applicable under the wellhead pricing provisions for deliveries of the category of natural gas involved which occurred on January 1, 1983, or in the case of high-cost natural gas the maximum lawful price which would have been applicable if such natural gas were not decontrolled. Authorizes the purchaser under a market-out clause, subject to stated limitations, without obligation to pay, to exercise a right not to accept delivery of any portion of the volumes of natural gas the purchaser has contracted to accept if the purchaser has determined that the total volume of natural gas contract for cannot be marketed.