Federal Reformulated Fuels Act of 2001

Federal Reformulated Fuels Act of 2001- Amends the Solid Waste Disposal Act to authorize the use of the Leaking Underground Storage Tank Trust Fund to: (1) carry out corrective actions regarding releases of methyl tertiary butyl ether (MTBE) that present a risk to human health, welfare, or the environment; and (2) conduct inspections, issue orders, or bring actions under the underground storage tank regulation program. Authorizes appropriations from the Trust Fund.

Amends the Clean Air Act to authorize any State for which a waiver is in effect allowing application of State motor vehicle emissions standards to impose a control on any fuel or fuel additive for the purpose of water quality protection. Requires the Administrator of the Environmental Protection Agency to ban the use of MTBE in motor fuel within four years of this Act's enactment.

Authorizes a State Governor, upon notification of the Administrator, 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. Requires regulations to: (1) ensure that toxic air pollutant emissions reductions achieved under the reformulated gasoline program are maintained in such States; and (2) establish performance standards.

Requires the Administrator to: (1) conduct tests to determine health and environmental effects of fuels and additives and a separate study on the effects of using ethyl tertiary butyl ether and other ethers as a substitute for MTBE; (2) publish an analysis of air quality changes resulting from implementation of this Act; and (3) finalize an emissions model that reflects the effects of fuel characteristics or components on vehicle emissions during 2005.

Eliminates the waiver permitting higher Reid Vapor Pressure limitations for fuel blends containing ethanol.

Allows State implementation plan revisions that apply conventional gasoline prohibitions to nonclassified areas.

Authorizes grants to MTBE merchant producers to assist in conversion of production facilities to the production of other fuel additives. Authorizes appropriations.