Natural Gas Fair Pricing Act

[AI summary unavailable — showing source text] Natural Gas Fair Pricing Act - Repeals provisions of the Natural Gas Policy Act of 1978 relating to the decontrol of natural gas prices. Eliminates the annual inflation adjustment factor. Requires that the maximum lawful price for specified categories of natural gas months beginning on or after the effective date of this Act shall be the maximum lawful price for such gas for the preceding month. Authorizes the Federal Energy Regulatory Commission to prescribe an increase in any category of natural gas if the increase is just and reasonable and based upon increases which have occurred in the cost of production. States that the repeal of the decontrol provisions shall not be applicable to high cost natural gas from a well the surface drilling of which commenced on or before the date of enactment of this Act.…