Requires the Federal Trade Commission (FTC) to investigate the retail price of gasoline in a state in which the average price of regular grade gasoline has increased 20 percent or more for at least seven days during any three-month period in order to determine if the price is being artificially manipulated by reducing refinery capacity or by any other form of manipulation.
Requires the FTC to: (1) report to Congress within 14 days after initiating an investigation; and (2) present investigation results, within 14 days after reporting to Congress, at a public hearing in the state in which the retail price of gasoline was investigated.
Requires the FTC, in cooperation with the Attorney General of the relevant state, to take appropriate action if it determines that the increase in gasoline prices in a state is a result of market manipulation.
Requires the FTC to notify the Secretary of Energy, who shall, within two weeks of such notification, decide if the Strategic Petroleum Reserve should be used to assure adequate supplies of gasoline, if the FTC determines that the increase in gasoline prices in a state is not the result of market manipulation.