A bill to amend the Natural Gas Policy Act of 1978 to prohibit increases in the wellhead prices of natural gas, and for other purposes.

[AI summary unavailable — showing source text] Amends the Natural Gas Policy Act of 1978 to provide that the maximum lawful price applicable to the first sale of natural gas from January 31, 1983, through December 31, 1984, shall be the maximum lawful price applicable to such sale on August 31, 1982, under the Act. Provides that in the case of any first sale of natural gas from a well the surface drilling of which began prior to January 31, 1983, and for which there was no applicable maximum lawful price for such sale on August 31, 1982, solely because of the elimination of price controls under the Act, the maximum lawful price for such a sale from January 31, 1983, through December 31, 1984, shall be the contract price specified for deliveries of such natural gas on August 31, 1982. Provides that the maximum lawful price applicable to the first sale of natural gas on August 31, 1982, shall be increased for any month beginning on or after January 1, 1985, at the rate specified for such gas. Extends for two years the expiration date of: (1) price controls; and (2) standby authority.…