To amend the Clean Air Act to provide for a State waiver of the requirements concerning the oxygen content of gasoline.

Amends the Clean Air Act to authorize the Administrator of the Environmental Protection Agency, upon the petition of Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont, or the consolidated metropolitan statistical area that includes the District of Columbia (these States comprise an ozone transport region), to waive or reduce any oxygen content requirement for reformulated gasoline for such States.

Requires regulations for the use of reformulated gasoline to be revised by January 1, 2001, to provide a schedule for the reduction of the use of methyl tertiary butyl ether (MTBE) in such gasoline introduced into any State described above for which a waiver or reduction is in effect. Limits the maximum content of MTBE by volume for all gasoline to five percent by January 1, 2005. Permits reductions below this amount only upon petition by such a State and subject to a finding that further reduction of MTBE use is necessary to protect human health or the environment.

Prohibits fuel or fuel additive manufacturers or processors from selling or introducing into commerce any reformulated gasoline for resale in States described by this Act for which oxygen content waivers or reductions are in effect unless the reduction of aggregate emissions of toxic air pollutants from baseline vehicles when using baseline gasoline shall annually average at least 27 percent.