Repeal and Rebuild Act of 2014 - Amends the Internal Revenue Code to: (1) repeal the excise tax on gasoline and tires after 2014, (2) impose an additional $6.75 per barrel tax on crude oil and petroleum products, and (3) provide for double indexation (i.e., the sum of the highway construction cost adjustment and the CAFE fuel saved adjustment) of the diesel fuel tax rate. Transfers revenues from the increased petroleum tax to the Highway Trust Fund.
Directs the Secretary of the Treasury to issue transportation bonds with a term of 10 years and transfer bond proceeds to the Highway Trust Fund.