Page:United States Statutes at Large Volume 92 Part 3.djvu/733

 PUBLIC LAW 95-621—NOV. 9, 1978

92 STAT. 3365

SEC. 106. CEILING PRICE FOR SALES UNDER ROLLOVER CONTRACTS. (a) INTERSTATE ROLLOVER CONTRACTS.—In the case of any first sale 15 USC 3316. under any rollover contract of natural gas which was committed or dedicated to interstate commerce on the day before the date of the enactment of this Act, the maximum lawful price under this subsection for such natural gas delivered during any month shall be the higher of— (1)(A) in the case of the month in which the effective date of such rollover contract occurs, the just and reasonable rate, if any, per million Btu's, established by the Commission and applicable on such date to the natural gas subject to the expired contract; and (B) in the case of any month thereafter, the maximum lawful price, per million Btu's, prescribed under this paragraph for the preceding month multiplied by the monthly equivalent of the annual inflation adjustment factor applicable for such month; or (2)(A) $0.54 per million Btu's, in the case of April 1977; and (B) in the case of any month thereafter, the maximum lawful price, per million Btu's, prescribed under this paragraph for the preceding month multiplied by the monthly equivalent of the annual inflation adjustment factor applicable for such month. For purposes of this subsection, the term "rollover contract" "Rollover includes any contract which would have been a rollover contract contract", but for the fact that the expiration of the previous contract occurred prior to the day before the date of the enactment of this Act. (b)

INTRASTATE ROLLOVER CONTRACTS.— (1) GENERAL RULE.—In the case of any

first sale under any rollover contract of natural gas which was not committed or dedicated to interstate commerce on the day before the date of the enactment of this Act, the maximum lawful price under this subsection for such natural gas delivered during any month shall be the higher of— (A)(i) the maximum price paid under the expired contract, per million Btu's, in the case of the month in which the effective date of such rollover contract occurs; 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; or (B)(i) $1.00 per million Btu's, in the case of April 1977; 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. (2) CERTAIN STATE OR INDIAN PRODUCTION OR ROYALTY SHARES.— (A) GENERAL RULE.—In the case of any first sale under any

rollover contract of natural gas which was not committed or dedicated to interstate commerce on the day before the date of the enactment of this Act and which constitutes a State government's or Indian tribe's natural gas production, or royalty share or other interest (as of such day) in natural gas production, from real property (including subsurface mineral interests) owned on the date of the enactment of this Act by such State government or Indian tribe (as the case

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