Page:United States Statutes at Large Volume 92 Part 3.djvu/731

 PUBLIC LAW 95-621—NOV. 9, 1978

92 STAT. 3363

(ii) in the case of any month thereafter, the maximum lawful price, per million Btu's, prescribed under this subparagraph for the preceding month multiplied by the monthly equivalent of the annual inflation adjustment factor applicable for such month, or (B) any just and reasonable rate which was established bj'' the Commission after April 27, 1977, and before the date of the enactment of this Act and which is applicable to such natural gas. (2)

CEILING PRICES MAY BE INCREASED IF JUST AND REASON-

ABLE.—The Commission may, by rule or order, prescribe a maximum lawful ceiling price, applicable to any first sale of any natural gas (or category thereof, as determined by the Commission) otherwise subject to the preceding provisions of this section, if such price is— (A) higher than the maximum lawful price which would otherwise be applicable under such provisions; and (B) just and reasonable within the meaning of the Natural Gas Act. 15 USC 717w. SEC. 105. CEILING PRICE FOR SALES UNDER EXISTING INTRASTATE CONTRACTS. (a) APPLICATION.—The maximum lawful price computed under 15 USC 3315. subsection (b) shall apply to any first sale of natural gas delivered during any month in the case of natural gas, sold under any existing contract or any successor to an existing contract, which was not committed or dedicated to interstate commerce on the day before the date of the enactment of this Act. (b)

MAXIMUM LAWFUL PRICE.— (1) GENERAL RULE.— Subject

to paragraphs (2) and (3), the maximum lawful price under this section shall be the lower of— (A) the price under the t«rms of the existing contract, to which such natural gas was subject on the date of the enactment of this Act, as such contract was in effect on such date; or (B) the maximum lawful price, per million Btu's, computed for such month under section 102 (relating to new natural gas). •

(2)

CONTRACT PRICE EXCEEDING NEW GAS CEILING PRICE ON

ENACTMENT.—In the case of any natural gas described in subsection (a) for which the contract price applicable on the date of the enactment of this Act exceeds the maximum lawful price, per million Btu's, computed for such date under section 102 (relating to new natural gas), the maximum lawful price under this section shall be the higher of— (A) the maximum lawful price, per million Btu's, computed for such month under section 102; or (B)(i) the contact price on the date of the enactment of this Act, in the case of the month in which this Act is enacted; and (ii) in the case of any month thereafter, the maximum lawful price, per million Btu's, prescribed under this subparagraph for the preceding month multiplied by the monthly equivalent of the annual inflation adjustment factor applicable for such month. a

(3) PRICE INCREASES RESULTING FROM INDEFINITE PRICE ESCALATOR CLAUSES.—

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