Oil and Gas Regulatory Reform Act

[AI summary unavailable — showing source text] Oil and Gas Regulatory Reform Act - Title I: Natural Gas: - Natural Gas Amendments - States that the provisions of the Natural Gas Act shall, with specified exceptions, apply to the transportation and sale of natural gas and/or to natural gas companies engaged in such transportation and sale. Sets forth definition of terms used in such Act. Directs the Federal Power Commission to establish and periodically revise a national area rate for production of natural gas, reflecting differences in production costs, State taxation, and similar costs. Prescribes the rules for implementation of such rates. States that the Commission shall not order any increase in existing area rates for flowing natural gas unless such an increase is justified on the basis of an actual increase in costs of operation or maintenance (including a fair rate of return). Provides that in determining present and future requirements of consumers for natural gas, the Commission shall implement conservation policies including rate design revision, end use controls, and termination of promotional practices. Directs the Commission to conduct studies of the transportation and sale of natural gas throughout the United Stat…