To require analyses of the cumulative impacts of certain rules and actions of the Environmental Protection Agency that impact gasoline, diesel fuel, and natural gas prices, jobs, and the economy, and for other purposes.

Summary: Gasoline Regulations Act of 2012 - Requires the President to establish the Transportation Fuels Regulatory Committee to analyze and report, for each of 2016 and 2020, on the cumulative impacts of certain covered rules and actions under the Clean Air Act, including the impacts on gasoline, diesel fuel, and natural gas prices, operating costs, consumers, regional economies, U.S. competitiveness, small businesses, employment, labor markets, public health, and state, local, and tribal governments.

Designates as "covered rules": (1) the rule entitled "Control of Air Pollution From New Motor Vehicles: Tier 3 Motor Vehicle Emission and Fuel Standards"; (2) any rule proposed after March 15, 2012, establishing or revising a standard of performance or emission standard for new stationary sources or hazardous air pollutants that is applicable to petroleum refineries; (3) any rule proposed after March 15, 2012, for implementation of the Renewable Fuel Program under the Clean Air Act; (4) the rules entitled "National Ambient Air Quality Standards for Ozone" and "Reconsideration of the 2008 Ozone Primary and Secondary National Ambient Air Quality Standards" and any subsequent rule revising or supplementing the national ambient air quality standards for ozone; and (5) any successor or substantially similar rules.

Defines a "covered action" as any action affecting facilities involved in the production, transportation, or distribution of gasoline, diesel fuel, or natural gas taken on or after January 1, 2009, by the Environmental Protection Agency (EPA), a state or local government, or a permitting agency as a result of the application of provisions of the Clean Air Act relating to operating permits or the prevention of significant deterioration of air quality to an air pollutant that is identified as a greenhouse gas in the rule entitled "Endangerment and Cause or Contribute Findings for Greenhouse Gases Under Section 202(a) of the Clean Air Act."

Prohibits the Administrator from finalizing the following rules until at least six months after the Committee submits its final report: (1) "Control of Air Pollution From New Motor Vehicles: Tier 3 Motor Vehicle Emission and Fuel Standards" and any successor or substantially similar rule; (2) any rule proposed after March 15, 2012, establishing or revising a performance or emission standard for new stationary sources or hazardous air pollutants that is applicable to petroleum refineries; and (3) any rule revising or supplementing the national ambient air quality standards for ozone under the Clean Air Act. Requires the EPA Administrator to consider feasibility and cost in revising or supplementing any such standards for ozone.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Gasoline Regulations Act of 2012''.

SEC. 2. TRANSPORTATION FUELS REGULATORY COMMITTEE.

    (a) Establishment.--The President shall establish a committee to be 
known as the Transportation Fuels Regulatory Committee (in this Act 
referred to as the ``Committee'') to analyze and report on the 
cumulative impacts of certain rules and actions of the Environmental 
Protection Agency on gasoline, diesel fuel, and natural gas prices, in 
accordance with sections 3 and 4.
    (b) Members.--The Committee shall be composed of the following 
officials (or their designees):
            (1) The Secretary of Energy, who shall serve as the Chair 
        of the Committee.
            (2) The Secretary of Transportation, acting through the 
        Administrator of the National Highway Traffic Safety 
        Administration.
            (3) The Secretary of Commerce, acting through the Chief 
        Economist and the Under Secretary for International Trade.
            (4) The Secretary of Labor, acting through the Commissioner 
        of the Bureau of Labor Statistics.
            (5) The Secretary of the Treasury, acting through the 
        Deputy Assistant Secretary for Environment and Energy of the 
        Department of the Treasury.
            (6) The Secretary of Agriculture, acting through the Chief 
        Economist.
            (7) The Administrator of the Environmental Protection 
        Agency.
            (8) The Chairman of the United States International Trade 
        Commission, acting through the Director of the Office of 
        Economics.
            (9) The Administrator of the Energy Information 
        Administration.
    (c) Consultation by Chair.--In carrying out the functions of the 
Chair of the Committee, the Chair shall consult with the other members 
of the Committee.
    (d) Termination.--The Committee shall terminate 60 days after 
submitting its final report pursuant to section 4(c).

SEC. 3. ANALYSES.

    (a) Scope.--The Committee shall conduct analyses, for each of the 
calendar years 2016 and 2020, of the cumulative impact of all covered 
rules, in combination with covered actions.
    (b) Contents.--The Committee shall include in each analysis 
conducted under this section the following:
            (1) Estimates of the cumulative impacts of the covered 
        rules and covered actions with regard to--
                    (A) any resulting change in the national, State, or 
                regional price of gasoline, diesel fuel, or natural 
                gas;
                    (B) required capital investments and projected 
                costs for operation and maintenance of new equipment 
                required to be installed;
                    (C) global economic competitiveness of the United 
                States and any loss of domestic refining capacity;
                    (D) other cumulative costs and cumulative benefits, 
                including evaluation through a general equilibrium 
                model approach; and
                    (E) national, State, and regional employment, 
                including impacts associated with changes in gasoline, 
                diesel fuel, or natural gas prices and facility 
                closures.
            (2) Discussion of key uncertainties and assumptions 
        associated with each estimate under paragraph (1).
            (3) A sensitivity analysis reflecting alternative 
        assumptions with respect to the aggregate demand for gasoline, 
        diesel fuel, or natural gas.
            (4) Discussion, and where feasible an assessment, of the 
        cumulative impact of the covered rules and covered actions on--
                    (A) consumers;
                    (B) small businesses;
                    (C) regional economies;
                    (D) State, local, and tribal governments;
                    (E) low-income communities;
                    (F) public health; and
                    (G) local and industry-specific labor markets,
        as well as key uncertainties associated with each topic listed 
        in subparagraphs (A) through (G).
    (c) Methods.--In conducting analyses under this section, the 
Committee shall use the best available methods, consistent with 
guidance from the Office of Information and Regulatory Affairs and the 
Office of Management and Budget Circular A-4.
    (d) Data.--In conducting analyses under this section, the Committee 
is not required to create data or to use data that is not readily 
accessible.
    (e) Covered Rules.--In this section, the term ``covered rule'' 
means the following rules (and includes any successor or substantially 
similar rules):
            (1) ``Control of Air Pollution From New Motor Vehicles: 
        Tier 3 Motor Vehicle Emission and Fuel Standards'', as 
        described in the Unified Agenda of Federal Regulatory and 
        Deregulatory Actions under Regulatory Identification Number 
        2060-AQ86.
            (2) Any rule proposed after March 15, 2012, establishing or 
        revising a standard of performance or emission standard under 
        section 111 or 112 of the Clean Air Act (42 U.S.C. 7411, 7412) 
        that is applicable to petroleum refineries.
            (3) Any rule proposed after March 15, 2012, for 
        implementation of the Renewable Fuel Program under section 
        211(o) of the Clean Air Act (42 U.S.C. 7545(o)).
            (4) ``National Ambient Air Quality Standards for Ozone'', 
        published at 73 Federal Register 16436 (March 27, 2008); 
        ``Reconsideration of the 2008 Ozone Primary and Secondary 
        National Ambient Air Quality Standards'', as described in the 
        Unified Agenda of Federal Regulatory and Deregulatory Actions 
        under Regulatory Identification Number 2060-AP98; and any 
        subsequent rule revising or supplementing the national ambient 
        air quality standards for ozone under section 109 of the Clean 
        Air Act (42 U.S.C. 7409).
    (f) Covered Actions.--In this section, the term ``covered action'' 
means any action, to the extent such action affects facilities involved 
in the production, transportation, or distribution of gasoline, diesel 
fuel, or natural gas, taken on or after January 1, 2009, by the 
Administrator of the Environmental Protection Agency, a State, a local 
government, or a permitting agency as a result of the application of 
part C of title I (relating to prevention of significant deterioration 
of air quality), or title V (relating to permitting), of the Clean Air 
Act (42 U.S.C. 7401 et seq.), to an air pollutant that is identified as 
a greenhouse gas in the rule entitled ``Endangerment and Cause or 
Contribute Findings for Greenhouse Gases Under Section 202(a) of the 
Clean Air Act'' published at 74 Federal Register 66496 (December 15, 
2009).

SEC. 4. REPORTS; PUBLIC COMMENT.

    (a) Preliminary Report.--Not later than 90 days after the date of 
enactment of this Act, the Committee shall make public and submit to 
the Committee on Energy and Commerce of the House of Representatives 
and the Committee on Environment and Public Works of the Senate a 
preliminary report containing the results of the analyses conducted 
under section 3.
    (b) Public Comment Period.--The Committee shall accept public 
comments regarding the preliminary report submitted under subsection 
(a) for a period of 60 days after such submission.
    (c) Final Report.--Not later than 60 days after the close of the 
public comment period under subsection (b), the Committee shall submit 
to Congress a final report containing the analyses conducted under 
section 3, including any revisions to such analyses made as a result of 
public comments, and a response to such comments.

SEC. 5. NO FINAL ACTION ON CERTAIN RULES.

    (a) In General.--The Administrator of the Environmental Protection 
Agency shall not finalize any of the following rules until a date (to 
be determined by the Administrator) that is at least 6 months after the 
day on which the Committee submits the final report under section 4(c):
            (1) ``Control of Air Pollution From New Motor Vehicles: 
        Tier 3 Motor Vehicle Emission and Fuel Standards'', as 
        described in the Unified Agenda of Federal Regulatory and 
        Deregulatory Actions under Regulatory Identification Number 
        2060-AQ86, and any successor or substantially similar rule.
            (2) Any rule proposed after March 15, 2012, establishing or 
        revising a standard of performance or emission standard under 
        section 111 or 112 of the Clean Air Act (42 U.S.C. 7411, 7412) 
        that is applicable to petroleum refineries.
            (3) Any rule revising or supplementing the national ambient 
        air quality standards for ozone under section 109 of the Clean 
        Air Act (42 U.S.C. 7409).
    (b) Other Rules Not Affected.--Subsection (a) shall not affect the 
finalization of any rule other than the rules described in such 
subsection.

SEC. 6. CONSIDERATION OF FEASIBILITY AND COST IN REVISING OR 
              SUPPLEMENTING NATIONAL AMBIENT AIR QUALITY STANDARDS FOR 
              OZONE.

    In revising or supplementing any national primary or secondary 
ambient air quality standards for ozone under section 109 of the Clean 
Air Act (42 U.S.C. 7409), the Administrator of the Environmental 
Protection Agency shall take into consideration feasibility and cost.