Consumer Energy Act

[AI summary unavailable — showing source text] Consumer Energy Act - Title I; Natural Gas and Oil Regulatory Reform - Declares it to be the policy of Congress to apply uniform economic regulations to both natural gas and oil production to assure adequate supplies and availability at reasonable prices. Exempts a small producer from the provisions of this Act for an initial period of 5 years from the date of enactment of this Act. Provides that the Federal Power Commission may by regulation require any such producer to prepare and submit to it such information as the Commission determines to be necessary. Authorizes the Commission to exempt from the provisions of this Act any transportation or sale of natural gas or oil in interstate commerce with respect to any State which establishes and maintains an adequate program of regulation within such State of such transportation and sale in accordance with this Act. Requires the Commission, in a rulemaking proceeding, to establish on or before February 1, 1976, and annually thereafter to revise, a national area rate for production within the United States of natural gas and oil. Requires the Commission to establish adjustments to the national area rate for each major producing region t…