Expressing the sense of the House that the President should take immediate action to initiate measures to lower the burden of gasoline prices on the economy of the United States, prevent Members of the Organization of Petroleum Exporting Countries from reaping windfall profits on sales of oil to the United States, and for other purposes.

Expresses the sense of the House of Representatives that the President should communicate directly to the members of the Organization of Petroleum Exporting Countries (OPEC) that the United States: (1) believes that restricting supply in the growing market for crude oil does serious damage to the efforts that OPEC members have made to demonstrate that they represent a reliable source of crude oil supply; (2) believes that stable crude oil prices and supplies are essential for strong economic growth throughout the world; and (3) seeks an immediate increase in OPEC crude oil production quotas.

Directs the President to suspend temporarily further acquisitions of crude oil for the Strategic Petroleum Reserve (SPR).

Suspends immediately further purchases of oil to the SPR.

Declares that the existing statutory cap of 700 million barrels of crude oil in the SPR should not be increased while crude oil prices remain at current high levels.

Instructs the President to direct the Federal Trade Commission (FTC) and the Attorney General to exercise vigorous oversight over the oil markets to protect the American people from price gouging and unfair practices at the gas pump.

Directs the FTC to issue regulations requiring full disclosure by refiners and distributors of their wholesale motor fuel pricing policies, with a separate listing of each component contributing to prices, including the cost of crude oil, refining, marketing, transportation, equipment, overhead, and profit, along with portions of any rebates, incentives, and market enhancement allowances.