Pipeline Fairness and Transparency Act This bill addresses eminent domain, the environmental review for interstate natural gas pipeline projects, and the visual impacts of natural gas pipeline projects on national scenic trails. Specifically, the bill requires courts, in determining the just compensation for land that is acquired by eminent domain and subject to a conservation easement, to consider the lost conservation value of that land. The bill also revises the process for environmental reviews of natural gas projects. The Federal Energy Regulatory Commission (FERC) must prepare a supplement to a draft or final environmental impact statement if (1) FERC makes a substantial change in the proposed action that is relevant to environmental concerns, or (2) there are significant new circumstances relevant to environmental concerns. FERC must also hold public meetings in each county (or equivalent subdivision) in which a project is to be located. Additionally, in an environmental impact statement, an evaluation of the visual impacts of a project on a national scenic trail must include a cumulative analysis of the visual impacts of the project and similar proposed projects.