Page:United States Statutes at Large Volume 92 Part 3.djvu/738

 92 STAT. 3370

PUBLIC LAW 95-621—NOV. 9, 1978 O li i

occurred on such date, the price would have been paid h a d deliveries occurred on such date is higher than $1.00 p e r million Btu's.

(b) H I G H - C O S T NATURAL GAS.—Effective beginning on the effective

date of the incremental pricing rule required under section 201, the provisions of subtitle A respecting the maximum lawful price for the first sale of n a t u r a l gas shall cease to apply to the first sale of highcost natural g a s which is described in section 107(c)(1), (2), (3), or (4). (c) NATURAL G A S PRODUCED F R O M 5,000 OR LESS.—Effective begin-

n i n g July 1, 1987, or, if later, the date of expiration of any price controls reimposed under section 122, the provisions of subtitle A respecting the maximum lawful price for any first sale of n a t u r a l gas shall, except as provided in subsection (d), cease to apply to any first sale of n a t u r a l gas produced from any new, onshore production well (as defined in section 103(c)), if such natural gas— (1) was not committed or dedicated to interstate commerce on April 20, 1977; and (2) is produced from a completion location which is located a t "' a depth of 5,000 feet or less. (d) EXCLUSION o r CERTAIN ALASKA NATURAL G A S. — The provisions

15 USC 719

of subsections (a) and (c) shall not apply to any natural gas produced from the P r u d h o e B a y U n i t of Alaska and transported through the n a t u r a l gas transportation system approved under the Alaska N a t u r a l Gas Transportation Act of 1976.

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(e)

LIMITATION ON I N D E F I N I T E P R I C E ESCALATORS.—Natural

gas

which is not subject to maximum lawful prices under subtitle A solely by reason of subsection (a)(3) and which is sold under any existing contract or successor to an existing contract at a price established under an indefinite price escalator clause (as defined in section 105(b) (3)(B)) shall be subject to the provisions of section 105(b)(3).

SEC. 122. STANDBY PRICE CONTROL AUTHORITY. 15 USC 3332.

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(a) E-EIMPOSITION OF P R I C E CONTROLS.—The President, in accord-

ance with subsection (c)(1), or the Congress, in accordance with subsection (c)(2), may reimpose maximum lawful prices for first sales of natural gas to which section 121(a) applies and delivery of which occurs after the effective date of the reimposition of such maximum lawful prices. (b) LIMITATIONS.—A reimposition of maximum lawful prices under this section— (1) may not take effect earlier than July 1, 1985, n o r later than June30, 1987; and (2) shall remain in effect for a period of 18 months. (c) PROCEDURE FOR REIMPOSING P R I C E CONTROLS.—For purposes of

this section— (1) PRESIDENTIAL REIMPOSITION.—Any exercise of authority by

^. ' Post, p. 3406.

,

the President under subsection (a) shall be by written order issued after May 31, 1985, and, subject to subsection (b), shall take effect for the first month beginning after the first 30 calendar days of continuous session of Congress (as determined i n accordance with section 507(b)) after a copy of such order has been submitted to each House of the Congress unless during such 30 calendar days of continuous session of Congress, the Congress adopts a concurrent resolution of disapproval described in section 507(c)(1).

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