Natural Gas Act Amendments

[AI summary unavailable — showing source text] Natural Gas Act Amendments - Amends the Natural Gas Act to terminate Federal Power Commission authority to directly regulate sales prices of new natural gas except for new natural gas produced from offshore Federal lands. Stipulates that prices for onshore sales of new natural gas shall not exceed: (1) the ceiling price for sales of new natural gas produced from offshore Federal lands; (2) $1.60 per Mcf as adjusted by the Commission; or (3) a ceiling rate established by any State for interstate sale and consumption. Stipulates that prices paid for natural gas in transactions between a natural gas company and its affiliates shall not exceed prices paid in comparable sales by persons not affiliated with any natural gas company. Directs the Federal Power Commission to conduct studies and make an annual independent estimate of proved and potential natural gas reserves. Requires that the Commission keep current information available relating to the natural gas industry. Establishes procedures for the establishment of ceiling prices for new natural gas produced from offshore Federal lands. Authorizes the Commission to grant exemptions to price ceilings within certain high-cost production…