Natural Gas Price Relief and Market Correction Act

[AI summary unavailable — showing source text] Natural Gas Price Relief and Market Correction Act - Amends the Natural Gas Policy Act of 1978 to set the maximum lawful price on any first sale of natural gas from December 13, 1982, through January 1, 1985, at the maximum lawful price applicable to such sale on October 1, 1982. Provides that the maximum lawful price from December 13, 1982, through January 1, 1985, for any first sale of natural gas from a well the surface drilling of which began prior to December 13, 1982, and for which there was no maximum lawful price on October 1, 1982 (because of the elimination of price controls) shall be the contract price specified for deliveries of such natural gas on October 1, 1982. Declares that any contract for the first sale of natural gas shall be deemed to include a volume adjustment option with respect to any natural gas the first sale delivery of which could occur pursuant to such contract at any time after the effective date of this Act. Defines "volume adjustment option" as a contract provision under which the purchaser may elect to refuse to take delivery under such contract of any volume of natural gas without incurring an obligation to pay any fee or charge with respect to th…