Natural Gas Production and Conservation Act

[AI summary unavailable — showing source text] Natural Gas Production and Conservation Act - Defines terms used in this Act, including: (1) "affiliate" to mean any person directly or indirectly controlling, controlled by, or under common control or ownership with any other person; (2) "old natural gas" to mean natural gas dedicated to interstate commerce prior to January 1, 1975; (3) "producer" to mean a person who produces and sells more than 10 million Mcf of natural gas per year or who is not or does not qualify as a small producer; and (4) "user" to mean a person or governmental entity using natural gas after it is delivered in interstate or intrastate commerce. Provides that new natural gas may be sold or transferred in interstate or intrastate commerce by a producer or small producer at a price that does not exceed: (1) the national base price established by the Federal Power Commission or any relevant high-cost production base price established by the Commission plus; (2) an adjustment to the national base price or any high-cost production base price for inflation or deflation for new natural gas first delivered during the year for which such adjustment is applicable; (3) an additional annual price increase equal to 2 pe…