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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Apr 7, 2022.
Gas Price Gouging Prevention Act This bill prohibits any person from selling, during a proclaimed international crisis affecting the oil markets, gasoline at a price that (1) is unconscionably excessive, and (2) indicates that the seller is taking unfair advantage of the crisis to increase prices unreasonably. The President may issue a proclamation of such a crisis that specifies the geographic area covered and how long the proclamation applies.
The bill provides for enforcement by the Federal Trade Commission and imposes enhanced civil penalties and criminal fines. It also authorizes state attorneys general to bring a civil action to enforce the prohibitions of this bill.