Natural Gas Reform Act

[AI summary unavailable — showing source text] Natural Gas Reform Act - Amends the Natural Gas Act to redefine the scope of coverage of such Act to include all aspects of the production, supply, transportation, distribution, and sale of natural gas, except in the case of sales and distribution to ultimate consumers by local distributors. Stipulates that natural gas in liquid or any other form shall be covered by the Act. Requires all natural gas companies to furnish monthly reports to the Commission on current and anticipated future natural gas supplies. Imposes criminal penalties for failure to furnish such information in good faith. Prohibits natural gas companies from withholding available supplies of natural gas whenever a demand for such natural gas exists. Imposes criminal penalties for withholding such natural gas, except where specifically authorized by the Commission. Authorizes the President to seize such withheld or unsold natural gas upon ten days' notice and order its distribution as the public interest requires. Authorizes the President to seize and reallocate any reserves of natural gas upon ten days' notice in order to alleviate natural gas shortages. Directs the Federal Power Commission to establish priorities …