Page:United States Statutes at Large Volume 92 Part 3.djvu/725

 PUBLIC LAW 95-621—NOV. 9, 1978

92 STAT. 3357

of Commerce as of such date of enactment, the quarterly percent change in the G N P implicit price deflator for the calend a r quarter in which such month occurs shall be used in lieu of the quarterly percent change in the G N P implicit price deflator for a preceding calendar quarter. (3) G N P IMPLICIT PRICE DErLATOR.—For purposes of paragraph (2) — (A) IN GENERAL.—The term " G N P implicit price deflator" means, except as provided in subparagraph (B), the preliminary estimate of the implicit price deflator, seasonally adjusted, for the gross national product, as computed and published by the Department of Commerce for the calendar quarter involved. (B)

MOST RECENT DATA AVAILABLE ON ENACTMENT.—The

most recent revision, if any, of such implicit price deflator which has been so published before the date of the enactment of this Act, shall be used in lieu of the preliminary estimate of such implicit price deflator. (b) RULES OF GENERAL APPLICATION. —

(1) D E P T H. — E x c e p t where otherwise provided, the depth of the completion location of any well shall be the true vertical depth, measured from the surface location of the well. (2)

COMMERCIAL QUANTITIES.—In determining w h e the r p r o -

duction of n a t u r a l gas has occurred in commercial quantities, quantities of n a t u r a l g a s produced from a well and used for the testing of such well or for other field uses which are production related shall not be taken into account. (3) COMPUTATION OF MONTHLY EQUIVALENT,—For purposes of

computing any price under this title, the monthly equivalent of any factor shall be the twelfth root of such factor. (4) APPLICATION OF CEILING PRICES.—The maximum lawful ceil-

i n g prices under this title— (A) shall only apply to n a t u r a l gas produced in the United States; (B) shall apply to the month of delivery without regard to the date of the sale or the date of the contract under which the sale occurs; and (C) shall not apply to deliveries occurring before the first day of the first month beginning after the date of the enactment of this Act. (5) SALES QUALIFYING UNDER MORE THAN ONE PROVISION.—If

any natural gas qualifies under more than one provision of this title providing for any maximum lawful price or for any exemption from such a price with respect to any first sale of such natural gas, the provision which could result in the highest price shall be applicable. (6)

COMPUTATION AND PUBLICATION OF CEILING PRICES.—The

Commission shall— (A) not later than 5 days before the beginning of any month, compute and make available the maximum lawful prices prescribed under this title for such month and the monthly equivalent of the annual inflation adjustment factor for such month, and (B) as soon as possible thereafter, publish such maximum Publication in lawful prices and such factor for such month i n the Federal Federal Register. Register. (7) ROUNDING.—Any maximum lawful price under this title shall be computed to the nearest mill (rounding any fraction

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