Federal Energy Price Protection Act of 2007 - Makes it an unfair or deceptive act or practice in violation of the Federal Trade Commission Act for any person to sell crude oil, gasoline, diesel fuel, home heating oil, or any biofuel at a price that constitutes price gouging.
Instructs the Federal Trade Commission (FTC) to promulgate enforcement rules within six months after enactment of this Act.
Grants enforcement authority exclusively to: (1) the FTC; (2) the Attorney General of the United States; or (3) state attorneys general.
Prescribes guidelines for enforcement of civil actions by state attorneys general. Preempts state action while federal action is pending.
Subjects violations of this Act to specified civil and criminal penalties.
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