Date: October 4, 1977

Subject: Natural Gas Deregulation

Description: Adoption of the modified Pearson (R-KS)-Bentsen (D-TX) substitute amendment to end federal price controls for natural gas found onshore, retroactive to Jan. 1, 1977, and cease regulation of new offshore gas after Dec. 31, 1982, but to impose a price limit equal to the price of imported No. 2 heating oil for two years and impose an incremental pricing provision to protect homeowners, schools and hospitals by allocating lower-cost gas for their use. The amendment would allow producers of natural gas to make enough profit to encourage production, thus ensuring adequate supplies for consumers, and ultimately resulting in lower prices as supply increased. It would also decrease U.S. dependence on foreign oil.

Result: Amendment Agreed to, 50-46

Democrat: 15 Yeas, 43 Nays, 3 Not voting
Republican: 34 Yeas, 3 Nays, 1 Not voting
Independent: 1 Yeas, 0 Nays, 0 Not voting

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