Gas PRICE Act

Gas Petroleum Refiner Improvement and Community Empowerment Act or the Gas PRICE Act - Directs the Administrator of the Environmental Protection Agency to enter into a domestic fuels facility permitting agreement with a requesting state or Indian tribe under which the process for obtaining all permits necessary for construction and operation of a domestic fuels facility shall use a prescribed interdisciplinary multimedia approach.

Requires the Administrator to: (1) conduct a research and demonstration program to evaluate the air quality benefits of ultra-clean Fischer-Tropsch transportation fuel, including diesel and jet fuel; (2) evaluate the use of such fuel for reducing engine exhaust emissions; and (3) submit recommendations and reports to Congress.

Directs the Secretary of Energy and the Economic Development Administration to give priority to projects supportting commercial-scale cellulosic biomass ethanol projects and coal-to-liquids facilities.

Directs the Secretary to make an additional award in connection with a grant made to a recipient (including any Indian tribe for use on Indian land) for a project to support a commercial-scale biomass ethanol facility or coal-to-liquid facility.

Directs the Securities and Exchange Commission (SEC) to appoint a task force to report to Congress on: (1) modernization of the hydrocarbon reserves disclosures classification system of the SEC to reflect advances in reserves recovery from nontraditional sources; and (2) creation of a renewable reserves classification system for cellulosic biofuels feedstocks.