Phantom Fuel Reform Act of 2012 - Amends the Clean Air Act to revise the renewable fuel program by requiring the Administrator of the Energy Information Administration, in estimating the projected volume of cellulosic biofuel to be sold or introduced into commerce in the next year, to determine for each facility producing such biofuel during the current year: (1) the average monthly volume of biofuel produced by such facility based on the actual volume produced through October 31, and (2) the estimated annualized volume of biofuel production for such facility for the current year based on such average monthly production. Requires the estimate of cellulosic biofuel projected to be sold or introduced into commerce in the following year to equal the total of the estimated annual volumes of cellulosic biofuel production for all such facilities.
Requires (currently, authorizes) the Administrator, in any year in which the Administrator reduces the applicable volume of cellulosic biofuel required in gasoline, to also reduce the applicable volume of renewable fuel and advanced biofuels required by the same (currently, by the same or a lesser) volume.