Directs the Federal Trade Commission (FTC) to: (1) initiate an inquiry into the retail prices (both before and after Hurricane Katrina) of natural gas and gasoline, including gasoline containing ethanol, within 14 days after enactment of this Act, to determine if they are being artificially manipulated by reduction of refinery capacity, by speculation in oil market, or by any other form of manipulation; (2) report the results to Congress within 14 days after initiation of the inquiry; and (3) hold a public hearing to present such results within 14 days after issuing the report.
Directs the FTC to: (1) take appropriate action in cooperation with the attorney general of any affected state if it determines that the increase in natural gas and gasoline prices, including gasoline containing ethanol, is a result of market manipulation; and (2) notify the Secretary of Energy if it determines that the increase in such prices is not the result of market manipulation.
Requires the Secretary, within 14 days after receiving the FTC notification, to decide if expanded use of the Strategic Petroleum Reserve should be implemented to assure adequate supplies of gasoline.