Gas Price Relief Act of 2007 - Amends the Internal Revenue Code to suspend certain federal motor fuel excise taxes until the average price of unleaded regular gasoline is less than $3.00 per gallon for a period of six consecutive months (suspension period). Provides for adjustments to such excise taxes for floor stocks of motor fuels held by dealers prior to or after the suspension period.
Repeals provisions allowing a taxpayer election to expense the cost of qualified refinery property. Transfers to the Highway Trust Fund increased tax revenues resulting from such repeal.
Requires the Federal Trade Commission (FTC) to monitor gasoline prices in the United States and to report to Congress on its findings.
Requires the Speaker of the House of Representatives to establish a Commission on Gas Price Relief to study the causes of high oil prices.
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