A bill to provide authority to institute emergency measures to minimize the adverse effects of natural gas shortages, to provide authority to allocate propane, to regulate commerce to assure increased supplies of natural gas at reasonable prices for consumers.

Title I: Emergency Natural Gas Authority - Natural Gas Emergency Standby Act - Amends the Natural Gas Act to direct the Federal Power Commission to exempt from regulation sales and related activities involving transfers of natural gas to high-priority consumers where supplies are insufficient. Stipulates that such exemptions shall be granted for no more than 180 consecutive days and that such exempted transactions shall be pursuant to curtailment plans on file with the Commission.

Amends the Energy Supply and Environmental Coordination Act of 1974 to extend the authority of the Federal Energy Administrator to issue coal conversion orders to June 30, 1978. Authorizes the Administrator to prohibit powerplants or major fuel burning installations from burning natural gas where adequate alternatives exist. Stipulates that such orders shall not take effect until the Administrator of the Environmental Protection Agency has certified that clean air standards will be met.

Authorizes the President to establish standby procedures for the allocation of propane, in a manner consistent with the Emergency Petroleum Allocation Act of 1973. Imposes civil and criminal penalties for violations of such allocation orders as regulations.

Stipulates that the provisions of this title shall expire on April 4, 1978.

Title II: Natural Gas Act Amendments - Amends the Natural Gas Act to terminate Federal Power Commission authority to regulate sales of new natural gas in interstate commerce except for sales of new natural gas produced from offshore Federal lands and transactions between natural gas companies and affiliated companies.

Stipulates that prices paid for natural gas in transactions between a natural gas company and its affiliates shall not exceed prices paid in comparable sales by persons not affiliated with any natural gas company.

Directs the Federal Power Commission to conduct studies and make reports regarding the nature and availability of natural gas reserves. Requires that the Commission keep current information available relating to the estimated natural gas reserves for individual fields.

Establishes procedures for the establishment of ceiling prices for new natural gas produced from offshore Federal lands through December 31, 1982. Authorizes the Commission to grant exemptions to price ceilings within high-cost production areas. Establishes procedures for adjustments to price ceilings established pursuant to this Act.

Directs the Commission to prohibit the curtailment of adequate supplies of natural gas for essential agricultural purposes.

Directs the Commission to prohibit the use of natural gas as boiler fuel where adequate alternatives are available. Authorizes exemptions from such prohibition where necessary to comply with pollution control or environmental protection and safety standards.