Authorizes the Attorney General (DOJ) to bring an action in U.S. district court to enforce this Act.
Amends the federal judicial code to make an exception to the jurisdictional immunity of a foreign state in an action brought under this Act.
Oil and Gas Industry Antitrust Act of 2011 - Amends the Clayton Act to make it unlawful for any person to refuse to sell, or to export or divert, existing supplies of petroleum, gasoline, or natural gas with the primary intention of increasing prices or creating a shortage in a geographic market.
Requires a study on: (1) the applicability of monopoly prohibitions of the Clayton Act to persons engaged in exploring for, producing, refining, storing, marketing, or selling petroleum, gasoline, or natural gas; and (2) the effectiveness of divestitures required under certain federal consent decrees.
Requires the Attorney General and the Chairman of the Federal Trade Commission (FTC) to establish a joint federal-state task force to investigate information-sharing among persons engaged in exploring for, producing, refining, storing, marketing, or selling petroleum, gasoline, or natural gas.
Federal Price Gouging Prevention Act - Makes it unlawful for any person, during a proclaimed international crisis affecting the oil market, to sell gasoline or any other petroleum distillate at a price that: (1) is unconscionably excessive; and (2) indicates the seller is taking unfair advantage of the circumstances of the crisis to increase prices unreasonably. Authorizes the President to issue such a proclamation for up to a 30-day period, and to renew it as necessary.
Sets forth factors to be considered in determining if a violation of this Act has occurred. Requires the FTC to enforce a violation as an unfair or deceptive act or practice and to give priority to enforcement actions concerning companies with U.S. sales over $10 billion per year. Prescribes civil and criminal penalties for violations. Authorizes a state to bring a civil action for enforcement.