A bill to amend the Clean Air Act to permit the Governor of a State to waive the 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, 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.

Directs the Administrator to study and report to Congress on whether voluntary standards to prevent and control releases of methyl tertiary butyl ether from underground storage tanks are necessary. Authorizes the Administrator to work with members of affected industries to develop such standards.