Emergency Gas Price Relief Act of 2007 - Amends the Internal Revenue Code to reduce highway motor fuel excise taxes by 10 cents per gallon, beginning on the date when the retail price for gasoline is greater than $3.00 per gallon and ending when such price is less than $2.50 per gallon (reduction period). Allows a tax credit or refund of such excise tax to a taxpayer for floor stocks of highway motor fuels held by dealers prior to the reduction period.