Natural Gas Emergency Act

[AI summary unavailable — showing source text] Natural Gas Emergency Act - Amends the Natural Gas Act to direct the Federal Power Commission to exempt from regulation sales and related activities involving transfers of natural gas to high-priority consumers where supplies are insufficient. Stipulates that such exemptions shall be granted for no more than 120 consecutive days and that such exempted transactions shall be pursuant to curtailment plans on file with the Commission. Stipulates that first sales of natural gas under the provisions of this Act shall not exceed the highest wellhead price during the period from November 1, 1975 through December 31, 1976 in the State in which such sale is made. Declares that sales of natural gas to high- priority consumers shall be a matter of State and local regulation. Authorizes the Commission to issue certificates of public convenience and necessity for the transportation of natural gas produced by independent producers directly to high-priority regions. Stipulates that this Act shall expire on April 4, 1978.…