Natural Gas Act Amendments

[AI summary unavailable — showing source text] Natural Gas Act Amendments - Defines "new natural gas" as gas reserves which the Federal Power Commission, in its discretion, determines was not dedicated to interstate commerce prior to the date of enactment of this Act. Defines "old natural gas" as those supplies of gas which, as determined by the Commission, were dedicated to interstate commerce before the date of enactment of this Act. Provides that the Commission may allow rates and charges for new natural gas in excess of the national ceiling if there are extraordinary expenses that could not be foreseen at the time the national ceiling was established. Gives the Commission specified powers to deny, in whole or in part, any rates and charges made by any natural gas company for or in connection with the sale of new natural gas, and to order a decrease in the charge made for old natural gas. Provides that in any case where a natural gas company purchases natural gas from an affiliate, the Commission may, under specified circumstances, disallow charges made by such company for the purchase of new natural gas. Authorizes and directs the Commission to conduct studies of the production, gathering, storage, transportation, distribut…