This legislation requires the Federal Trade Commission (FTC) to undertake a comprehensive study into conduct affecting oil and gas prices, utilizing its authority under Section 6(b) of the Federal Trade Commission Act. The study, to be conducted in coordination with State attorneys general, will investigate anti-competitive, collusive, or other conduct by oil and gas companies that may lead to inflated consumer costs or be considered price gouging. Specifically, it will analyze whether companies use financial resources for purposes like stock buybacks instead of expanding fuel supply, and if such actions delay production, impact investment in supply, or restrict the availability of alternative fuels. The FTC is mandated to submit an initial report to Congress within one year of enactment, followed by annual reports for the subsequent two years. These reports must include the study's results along with recommendations for legislative and administrative actions to ensure fair, competitive, and transparent oil and gas markets for consumers. To facilitate this work, the bill authorizes the FTC to appoint up to 50 additional personnel and appropriates $15 million for both fiscal years 2027 and 2028.