Gasoline Price Reduction Act of 2004 - Amends the Clean Air Act to authorize the Administrator of the Environmental Protection Agency to waive fuel or fuel additive provisions of applicable State implementation plans for national primary and secondary ambient air quality standards where necessary to address a significant fuel supply disruption in any area subject to a plan. Requires waivers to remain in effect for as long as the Administrator deems necessary. Prohibits enforcement actions against States or persons solely as the result of such waivers.
Authorizes the Administrator to give preference to the approval of State implementation plan provisions that require the use of either reformulated gasoline or gasoline having a specified Reid Vapor Pressure for the high ozone season. Declares that the Administrator shall have no authority, when considering State implementation plan revisions, to approve any fuel or fuel additives if such approval would increase the total number of fuels and fuel additives approved in all State plans nationwide prior to June 1, 2004.
Requires the Administrator, in cooperation with the Secretary of Energy, to undertake a study of the effects on air quality, the number of fuel blends, fuel availability, and fuel costs associated with the State plan provisions regarding gasoline authorized by this Act and to submit the results of such study to Congress.