Emergency Gas Price Relief Act of 2005

Emergency Gas Price Relief Act of 2005 - Amends the Internal Revenue Code to reduce highway motor fuel excise taxes by 10 cents per gallon, beginning on the date when the retail price for gasoline is greater than $3.00 per gallon and ending when such price is less than $2.50 per gallon (reduction period). Provides for adjustments to such excise tax for floor stocks of highway motor fuels held by dealers prior to the reduction period (credits or refunds) or after the reduction period (floor stocks tax).