Directs the Federal Trade Commission (FTC) to: (1) initiate an inquiry and report to Congress on whether the retail price of gasoline both before and after Hurricane Katrina, including the price of gasoline containing ethanol, is being artificially manipulated by reducing refinery capacity, by speculation in oil market, or by any other form of manipulation; and (2) hold a public hearing to present the inquiry results.
Instructs the FTC to take appropriate action in cooperation with the attorney general of any affected state if it determines that the increase in gasoline prices, including gasoline containing ethanol, is a result of market manipulation.
Sets a deadline for the Secretary of Energy to decide whether to implement expanded use of the Strategic Petroleum Reserve in order to assure adequate gasoline supplies, if the FTC determines that the increase in gasoline prices is not the result of market manipulation.