Natural Gas Consumer Relief and Market Correction Act

Natural Gas Consumer Relief and Market Correction Act - Amends the Natural Gas Policy Act of 1978 to repeal provisions providing for the decontrol of natural gas prices. Provides that in the case of 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, such maximum lawful price shall not supersede or nullify the effectiveness of the contract price.

Provides for the reimposition of price controls on certain categories of previously decontrolled high-cost natural gas.

Provides for the recomputation of the maximum lawful price to eliminate the increases in effect which are in addition to the rate of inflation for: (1) new natural gas and natural gas from the Outer Continental Shelf; (2) natural gas from new, onshore production wells; (3) sales of gas under existing interstate contracts; and (4) stripper well gas.

Declares any take-or-pay clause of any contract applicable to the first sale of natural gas or applicable to any subsequent sale of natural gas to any interstate or intrastate pipeline to be against public policy and unenforceable. Defines a take-or-pay clause as any contract provision which requires payment for the minimum quantity of natural gas contracted for in the event the purchaser fails to take delivery.

Requires every contract for the sale of natural gas to any pipeline to contain an adjustment clause (market-out clause) which authorizes the purchaser (under the general rule), without obligation to pay, to exercise a right not to accept delivery of any portion of the volumes of natural gas the purchaser has contracted to accept if the purchaser has determined that the total volume of natural gas contracted for cannot be marketed.

Eliminates the authority the Federal Energy Regulatory Commission (FERC) to increase ceiling prices for sales of natural gas dedicated to interstate commerce, sales under rollover contracts, and other categories of natural gas.

Eliminates the authority of FERC to establish new categories of high-cost gas.

Prohibits a natural gas company from increasing its rates on the basis of any increase in the cost of acquiring gas (cost passthroughs) until the Commission has conducted an investigation of the increase and determined, after an opportunity for a hearing, that the increase is just and reasonable and in the public interest.

Authorizes funds to be appropriated for FY 1984 and 1985, in addition to funds otherwise authorized, to carry out the Low-Income Energy Assistance Act of 1981.

Prohibits the importation of natural gas unless that gas is imported at prices that reflect the current natural gas market and the importation is determined to be justified, taking into account the availability and cost of natural gas produced in the United States.