A bill to amend the Clean Air Act to permit the Governor of a State to waive oxygen content requirement for reformulated gasoline, to encourage development of voluntary standards to prevent and control releases of methyl tertiary butyl ether from underground storage tanks, to establish a program to phase out the use of methyl tertiary butyl ether, and for other purposes.

Amends the Clean Air Act to authorize a State Governor, upon notification of the Administrator of the Environmental Protection Agency, to waive oxygen content requirements for reformulated gasoline sold or dispensed in the State. Considers gasoline that complies with all other requirements for reformulated gasoline other than those regarding oxygen content to be reformulated gasoline. Makes oxygen content requirements inapplicable to gasoline sold or dispensed in States not subject to a prohibition on enforcement of certain State emission control standards.Requires the Administrator to promulgate regulations to ensure that the benefits of toxic air pollutant reductions under the reformulated gasoline program are maintained in States for which the oxygenate requirement is waived. Directs the Administrator, in promulgating such regulations, to: (1) develop designations for regions based on the extent and location of the U.S. gasoline distribution and supply network; and (2) use such designations to establish annual average performance standards for each region based on the existing phase II reformulated gasoline complex model and the annual reductions in toxic air pollutant emissions achieved in the region under the reformulated gasoline program during 1998 and 1999. Applies such standards to the manufacture of such gasoline sold in States for which the oxygenate requirement is waived, to the extent they are more stringent than those under existing law.(Sec. 2) Directs the Administrator to study and report to Congress on whether additional standards to prevent and control releases of methyl tertiary butyl ether (MTBE) from underground storage tanks are necessary.(Sec. 3) Authorizes the Administrator to control or prohibit the introduction into commerce or sale of any oxygenated fuel additive if it causes or contributes to air or water pollution that may be anticipated to endanger public health or welfare.(Sec. 4) Prohibits, for the fourth calendar year after this Act's enactment date and thereafter, the quantity of gasoline sold or introduced into commerce by a gasoline refiner, blender, or importer from containing on average more than one percent by volume MTBE and bars such individuals from selling or introducing into commerce any gasoline that contains more than an historical level by volume of MTBE as determined by the Administrator. Authorizes the Administrator to promulgate regulations to permit such individuals to sell and purchase authorizations to sell or introduce into commerce gasoline containing MTBE in excess of the one percent limitation. Requires the Administrator to ensure that the total quantity of gasoline sold or introduced into commerce during any calendar year by all such individuals contains on average not more than one percent MTBE.Permits States to submit State implementation plan revisions to the Administrator that provide for the reduction or elimination of the use of MTBE in gasoline in the State if the State Governor demonstrates that: (1) the reduction or elimination would not cause any significant disruption in the availability, supply, or price of gasoline in the State; (2) the reduction or elimination is necessary to protect public health or the environment; and (3) any alternative additive used will not present an equivalent or greater problem than that posed by the use of MTBE.Provides for technical assistance to States with facilities that produce MTBE to assist them in applying for, or modifying, permits as a result of provisions of this Act.(Sec. 5) Requires, in order to ensure an adequate fuel supply for all States, any regulation or modification of fuel properties promulgated or approved by the Administrator under this Act to take into consideration the need for reasonable schedules for carrying out necessary refinery investment projects and making modifications to fuel distribution systems. Directs the Administrator, in implementing and enforcing such regulations and modifications, to provide the fuel industry with the flexibility inherent in existing fuel regulations.