A bill to amend the Natural Gas Policy Act of 1978 to require contracts for the first sale of natural gas to include provisions which recognize changing market conditions, and for other purposes.
Natural Gas Consumer Protection Act of 1983 - Amends the Natural Gas Policy Act of 1978 to require that any existing or future contract for the first sale of natural gas, excluding any contract for the first-sale of gas which is forever regulated, contain a market-out clause. Provides that such clause shall allow the buyer to nominate a new lower price or escape the contract if the gas is not marketable at the contract price. Declares that contracts not containing such a clause within 60 days after enactment of this Act shall be unenforceable.
Sets limitations on the volume reductions and maximum new lower prices that may be established through renegotiation of such a purchase contract.
Returned to the Calendar. Calendar No. 330.
Introduced in Senate
Read twice and referred to the Committee on Energy and Natural Resources.
Committee on Energy and Natural Resources. Provisions of measure incorporated into measure S. 1715 ordered to be reported.
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