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 with the determination or dedication to be the findings the Commission made at the time deliveries of such natural gas were first made; (3) "producer" to mean a person who produces and sells more than 10 million mcf of natural gas per year and 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 na…