Natural Gas Supply Act

[AI summary unavailable — showing source text] Natural Gas Supply Act - Extends the application of the Natural Gas Act to the direct sale of natural gas in interstate commerce. Provides that the Act and the Federal Power Commission's regulatory authority shall not apply to the sale of natural gas dedicated for the first time or rededicated to interstate commerce on or after April 15, 1973, or produced from wells commenced on or after April 15, 1973, for domestic, commercial, industrial, or any other use, by any person, provided that person is not engaged in the transportation of natural gas in interstate commerce. Sets forth the Federal Power Commission's power over rates and charges made by any natural gas company specified in the above paragraph. Authorizes the Secretary of the Interior for three years from the date of enactment to monitor the prices of natural gas sales exempted under this Act, and if necessary to establish ceilings as to the future rates of and charges for such sales.…