Natural Gas Emergency Act

[AI summary unavailable — showing source text] Natural Gas Emergency Act - Defines terms used in this Act. Directs the Federal Power Commission, not later than the end of the fifteen-day period which begins on the date of enactment of this Act, and as necessary throughout the supply emergency period, upon petition or upon its own motion, to designate priority interstate purchasers. Stipulates that the Commission shall, by rule, not later than the end of the fifteen-day period which begins on the date of enactment of this Act, establish an area ceiling price applicable to any first sale of new natural gas (except first sales of new natural gas produced from lands located on the Outer Continental Shelf) for each area in the United States in which natural gas is produced. Directs the Commission to designate areas to which such ceiling prices shall apply. Requires that such ceiling price shall, to the maximum extent practicable, approximate the average sales price, as determined by the Commission, for contracts entered into or renewed during the period from August 1, 1975, through August 31, 1975, for natural gas produced in the area and sold in intrastate commerce. Provides that no producer may charge and no purchaser may pay a pr…