Page:United States Statutes at Large Volume 92 Part 3.djvu/726

 92 STAT. 3358

PUBLIC LAW 95-621—NOV. 9, 1978 thereof which is one-half a mill or higher to the next highest mill). (8)

15 USC 3312.

COMPUTATION OP INITIAL CEILING PRICES.—In computing

any maximum lawful price under the provisions of this title for the first month for which such provisions take effect, if the initial maximum lawful price is established by reference to any month before such month, such maximum lawful price shall be computed as if such provisions had been in effect during each such prior month. (9) EFFECT ON CONTRACT PRICE.—In the case of— (A) any price which is established under any contract for the first sale of natural gas and which does not exceed the applicable maximum lawful price under this title, or (B) any price which is established under any contract for the first sale of natural gas which is exempted under subtitle B of this title from the application of a maximum lawful price under this title, such maximum lawful price, or such exemption from such a maximum lawful price, shall not supersede or nullify the effectiveness of the price established under such contract. SEC. 102. CEILING PRICE FOR NEW NATURAL GAS AND CERTAIN NATURAL GAS PRODUCED FROM THE OUTER CONTINENTAL SHELF. (a) APPLICATION.—The maximum lawful price computed under subsection (b) shall apply to any first sale of natural gas delivered during any month in the case of— (1) new natural gas; and (2) natural gas produced from any old lease on the Outer Continental Shelf and qualifying under subsection (d) for the new natural gas ceiling price. (b) MAXIMUM LAWFUL PRICE.—The maximum lawful price under this section for any month shall be— ^1) $1.75 per million Btu's, in the case of April 1977; and (2) in the case of any month thereafter, the maximum lawful price, per million Btu's, prescribed under this subsection for the preceding month multiplied by the monthly equivalent of a factor equal to the sum of— (A) the annual inflation adjustment factor applicable for such month; plus (B)(i).035, in the case of any month beginning before April 20, 1981; or (ii).04, in the case of any month beginning after April 20, 1981. (c) DEFINITION OF NEW NATURAL GAS.— (1) GENERAL RULE.—For the purposes

Post, p. 3397.

of this section, the term "new natural gas" means each of the following categories of natural gas: (A) NEW OCS LEASES.—Natural gas determined in accordance with section 503 to be produced from a new lease on the Outer Continental Shelf. (B) NEW ONSHORE WELLS.—Natural gas determined in accordance with section 503 to be produced (other than from the Outer Continental Shelf) from— (i) any new well which is 2.5 miles or more (determined in accordance with paragraph (2)) from the nearest marker well; or

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