Gas Price Relief and Oil Conservation Act of 2005 - Directs the Secretary of Energy to promulgate regulations to: (1) prevent companies from raising wholesale prices for gasoline more than once every 24 hours; and (2) limit, immediately and until the end of FY2006, the profits of oil companies that sell gasoline on the wholesale market to no more than the average of their profits during the five-year period from FY2001-FY2005.
Directs the appropriate federal departments and agencies, as identified by the President, to propose voluntary, regulatory, and other actions sufficient to reduce demand for oil in the United States by at least one million barrels per day from projected demand for oil in 2013, for purposes of reducing waste of oil and decreasing demand for foreign oil.
Directs the Federal Trade Commission to investigate whether price gouging has occurred in the wholesale and retail gasoline markets in the wake of Hurricane Katrina and whether consolidation in the markets has led to higher prices for consumers.