Natural Gas Emergency Standby Act

[AI summary unavailable — showing source text] Natural Gas Emergency Standby Act - Title I: - Sets forth congressional findings and purposes applicable to this Act. Title II: Interstate Pipeline Emergency Natural Gas Purchases Act - States that the purpose of this title is to grant the Federal Power Commission (FPC) authority to allow interstate pipeline companies with insufficient natural gas for their high priority consumers to acquire natural gas from intrastate sources and other interstate pipeline companies on an emergency basis free from the provisions of the Natural Gas Act. Revises the Natural Gas Act to permit the FPC to exempt from the provisions of the Natural Gas Act the transportation, sale, transfer or exchange of natural gas in connection with emergency acquisitions of natural gas by interstate pipelines. Exempts transactions between a producer, interstate pipeline company, intrastate pipeline company or gas distributing company, to or with an interstate pipeline company which does not have a sufficient supply of natural gas to fulfill the requirements of its high priority consumers of natural gas, and which is curtailing deliveries pursuant to a curtailment plan on file with the FPC. Limits exemptions to 180 day…