Expresses the sense of Congress that the President should: (1) directly confront and challenge the Organization of Petroleum Exporting Countries (OPEC) to increase oil production immediately; and (2) direct the Federal Trade Commission and Attorney General to exercise vigorous oversight over the oil markets to protect the people of the United States from price gouging and unfair practices at the gasoline pump.
Declares that from the date of enactment of this Act until 30 days afterward: (1) deliveries of oil to the Strategic Petroleum Reserve (SPR) shall be suspended; and (2) one million barrels of oil per day shall be released from the SPR.
Provides for the release of one million barrels of oil per day from the SPR for an additional 30 days if it is necessary to: (1) lower the burden of gasoline prices on the domestic economy; and (2) circumvent OPEC efforts to reap windfall crude oil profits.