Natural Gas Conservation Act

[AI summary unavailable — showing source text] Natural Gas Conservation Act - Amends the Natural Gas Act to prohibit the Federal Power Commission from regulating sales produced or deliveries of natural gas produced after January, 1977, provided such producers are not engaged in the transportation of natural gas in interstate commerce. Prohibits the Commission from regulating rates or changes made by natural gas companies dealing with affiliates to the extent that such prices do not exceed current prices paid for comparable gas to nonaffiliates. Authorizes the Federal Power Commission to monitor the wellhead prices of natural gas exempted under this Act for a three-year period. Authorizes the Commission to re-impose ceiling prices where necessary in accordance with specified factors.…