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: (1) the maximum lawful price applicable to such sale on October 1, 1982; or (2) for gas not covered by wellhead price controls, 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 of which could occur 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. Defines "abuse" under the Natural Gas Policy Act of 1978 to include the purchase by any natural gas pipeline company of any natural gas delivered on or after the effective date of this Act at an excessive price, unless the purchase of such gas is necessary to prevent waste. Considers the price of natural gas delivered to an…