Energy Preservation Act - Amends the Natural Gas Policy Act of 1978 to provide that wellhead price controls shall not apply to natural gas subject to any contract for the first sale of natural gas that: (1) was executed after the date of enactment of this Act; (2) was renegotiated after the date of enactment of this Act and expressly provided for the inapplicability of wellhead price controls; (3) will terminate under its own terms after the date of enactment of this Act; or (4) expired under its own terms.

Repeals certain provisions pertaining to standby price control authority.

Directs the Federal Energy Regulatory Commission to allocate the price charged for the resale of imported natural gas at the border to the demand charge component on the same basis that it would allocate costs to the demand charge for a natural gas company subject to Commission jurisdiction.

Directs the Secretary of Energy to initiate a review and update by the Governing Board of the International Energy Agency of the Minimum Safeguard Price Decision adopted January 30, 1976, and to report to the Congress regarding such actions.

Sets forth defenses to any State or Federal antitrust law regarding actions taken to develop cooperative associations of independent producers, or actions taken by such associations to market crude oil or natural gas.