Requires the Federal Trade Commission to investigate the retail price of gasoline in a State to determine if it is being artificially manipulated if, based on weekly data published by the Energy Information Administration of the Department of Energy, the average price of regular grade gasoline has increased 20 percent or more for at least seven days during any three-month period.
Requires the Commission to: (1) report investigation results to Congress; (2) present such results in a public hearing in the affected State; and (3) cooperate with the Attorney General of the affected State to take appropriate action if it finds market manipulation.
Instructs the Secretary of Energy, within two weeks of notification by the Commission that such increase in gasoline prices is not due to market manipulation, to decide if the Strategic Petroleum Reserve should be used to assure adequate supplies of gasoline.
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