Price Gouging Act of 2007 - Amends the Federal Trade Commission Act to direct the Federal Trade Commission (FTC), after the President declares a major disaster, to: (1) consult with the Attorney General, the U.S. Attorney for that area, and state and local law enforcement officials to determine whether any supplier is charging unconscionably excessive prices for gasoline or diesel fuel; (2) establish a toll-free hotline for a consumer to report price gouging; and (3) establish a program to develop and distribute public informational materials in English and Spanish to assist consumers in detecting and avoiding price gouging.
Makes it unlawful to charge unconscionably excessive prices for any gasoline or diesel fuel during the 180-day period after the President declares a major disaster.
Requires the FTC, if it determines a supplier is in violation, to take any action it determines appropriate to remedy the violation. Authorizes civil penalties. Requires imprisonment for knowing violations.
Authorizes victims and any state attorney general to bring a civil action against violators of this Act.