Renewable Diesel Standard Act of 2005 - Amends the Clean Air Act to require the Administrator of the Environmental Protection Agency (EPA) to issue regulations to ensure that the U.S. diesel fuel supply contains a specified annual volume (in gallons) of renewable fuel in 2008 through 2015. (Requires the percentage of renewable fuel in the U.S. diesel motor pool to be .006 for 2008 if the Administrator fails to promulgate such regulations.) Directs the Administrator to set the standard for renewable fuel content for 2016 and thereafter in consultation with the Secretaries of Agriculture and Energy, according to a specified formula, taking into consideration certain economic and environmental factors.
Establishes a program of credits for diesel fuel producers who exceed the renewable fuel standards established by this Act.
Authorizes the Administrator, upon the petition of one or more states, to waive renewable fuel content requirements for economic, environmental, or supply reasons.