Gross Overcharging Undermines Gasoline Economics Act - Prohibits retail sales of gasoline for a price that exceeds the base price index multiplied by twice the rate of inflation, as adjusted according to a certain regional price structure index.
Instructs the Secretary of Energy to: (1) develop a regional price structure index to reflect regional variances in gasoline reformulation requirements and transportation costs; and (2) assess a civil penalty for a violation of this Act.
Directs the Federal Trade Commission to report annually to Congress on: (1) passive and active collusion to set gasoline prices;(2) antitrust practices throughout all supply chains in the oil industry; and (3) recommendations to protect consumers against gasoline price gouging.
Prohibits the Secretary from acquiring new petroleum products for, or placing any petroleum products in, the Strategic Petroleum Reserve (SPR).
Directs the Secretary to release from the SPR one million barrels of oil per day.
Establishes the Pricing and Economic Impact Commission to report to Congress on the effect of this Act upon: (1) domestic oil production; (2) foreign oil imports; (3) profits of the oil industry; (4) inflation; (5) employment; (6) economic growth; (7) federal revenues; and (8) national security.