Natural Gas Production, Utilization, and Conservation Act

[AI summary unavailable — showing source text] Natural Gas Production, Utilization, and Conservation Act - Title I: Removal of Artificial Impediments on Natural Gas Usage - Repeals the Powerplant and Industrial Fuel Use Act of 1978. Terminates the incremental pricing requirements of the Natural Gas Policy Act of 1978 (the Act). Title II: Incentives for Increased Natural Gas Production - Provides that the provisions of the Act respecting the maximum lawful price for any sale of natural gas shall cease to apply to any first sale of natural gas produced from any well: (1) the surface drilling of which commenced on or after January 1, 1981; and (2) the drilling of which is pursuant to a permit, license, or comparable authorization issued by the applicable agency. Sets forth a formula under the Act for determining the maximum lawful price applicable to any first sale of natural gas for any month beginning after December 1981 or more than 30 days after enactment, whichever is later, subject to provisions of the Act which provide that if any natural gas qualifies under more than one provision relating to price, the provision resulting in the highest price shall be applicable. Terminates, effective January 1, 1985, provisions of the Ac…