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 regulate sales of new natural gas in interstate commerce. Stipulates that prices for offshore sales of new natural gas shall not exceed the ceiling price for sales of new natural gas produced from onshore Federal lands. Stipulates that emergency sales of natural gas to curtailed customers who qualify as essential users shall not affect such exempt status. Authorizes the Commission to terminate such exemptions on or after April 15, 1978, if they are no longer deemed necessary to protect high priority consumers of natural gas. Directs the Federal Power Commission to conduct studies and make reports regarding the nature and availability of natural gas reserves. Requires that the Commission keep current information available relating to the estimated natural gas reserves for individual fields. Establishes procedures for the establishment of ceiling prices for new natural gas produced from offshore Federal lands through December 31, 1982. Authorizes the Commission to grant exemptions to price ceilings within high-cost production areas. Establishes procedures for adjustments to pric…