A bill to amend the Natural Gas Act.

[AI summary unavailable — showing source text] Exempts from the regulations of the Natural Gas Act, for a period of up to one year, any activities or operation relating to the transportation or sale of natural gas, including natural gas subject to any contract for the sale or delivery of such gas, to an interstate natural gas pipeline company which does not have a sufficient supply of natural gas to fulfill the firm contractual requirements of its present customers and which is curtailing deliveries pursuant to a plan on file with the Federal Power Commission. Exempts from the regulation of the Federal Power Commission the facilities of a gas distribution company used to transport natural gas produced by an independent producer from lands not within the Outer Continental Shelf and sold directly to a high priority consumer of natural gas. States that such transportation is a matter to be regulated by the States. Defines the terms "high priority consumer of natural gas" and "independent producer."…