Natural Gas Market Transition Act of 1981

[AI summary unavailable — showing source text] Natural Gas Market Transition Act of 1981 - Title I: Natural Gas Price Control Provisions - Amends the Natural Gas Policy Act of 1978 to establish a monthly maximum price on the first sale of natural gas produced from any well where: (1) surface drilling began on or after January 1, 1980; and (2) the drilling is pursuant to an authorized Federal or State permit. States that such maximum price shall be equal to the Btu equivalent of the current adjusted refiner's petroleum acquisition cost. Defines such cost as 80 percent of the average crude oil acquisition cost of U.S. refiners during the preceding month. Sets forth another method of determining the maximum price for the first sale of any natural gas not described above. Exempts high-cost natural gas from the price limitation. Provides that the above price limitations shall be effective beginning January 1, 1982. Eliminates all price controls on first sales of natural gas beginning January 1, 1985. Deems, for purposes of any contractual pricing provision, any maximum lawful price under the Act to be a just and reasonable rate established by the Federal Energy Regulatory Commission. Declares certain indefinite price escalator claus…