Natural Gas Act Amendments

[AI summary unavailable — showing source text] Natural Gas Act Amendments - Transfers the authority of the Federal Power Commission to the Administrator of the Federal Energy Administration to establish wellhead prices for new or "exempt natural gas." Extends Federal Power Commission jurisdiction to direct sales of natural gas by pipelines to major industrial customers. Alphabetizes the existing definitions in the Natural Gas Act and adds four new terms including the definition of "exempt natural gas." Revises FPC jurisdiction over natural gas pipelines. Requires the FPC to permit pipelines to pass through the full price of flowing natural gas charged by producers affiliated with the pipeline so long as the rates do not exceed area ceilings or the charges of independent natural gas companies to that pipeline in the applicable area. Authorizes the FPC to prohibit a pipeline from charging its customers more for natural gas produced by its affiliates than it is permitted to pass through when it purchases natural gas from an independent producer. Requires the Commission to deny any increase in the wellhead price for old or "flowing natural gas" except to the extent that such increases are necessary to assure sound conservation prac…