Natural Gas Pricing Amendments Act of 1979

[AI summary unavailable — showing source text] Natural Gas Pricing Amendments Act of 1979 - Amends the Natural Gas Policy Act of 1978 to reduce the wellhead ceiling price for new natural gas and certain natural gas produced from the Outer Continental Shelf. Creates an annual inflation adjustment factor for such natural gas price. Reduces the wellhead ceiling price for natural gas produced from new, onshore production wells. Reduces the wellhead ceiling price for natural gas produced from stripper wells. Creates an annual inflation adjustment factor for such natural gas price. Repeals the ceiling price increase provisions in such Act relating to natural gas produced from the above wells. Extends for two years certain provisions relating to: (1) future production ceiling prices on new, onshore production wells of 5,000 feet or less; (2) price ceilings in existing intrastate contracts containing indefinite price increase provisions; (3) the elimination of price controls; (4) standby price control authority; and (5) reports to the Congress. Extends the period for the decontrol of certain high-cost natural gas prices.…