Phantom Fuels Elimination Act of 2014 - Amends the Clean Air Act to revise the renewable fuel program by requiring advanced biofuel, biomass-based diesel, and cellulosic biofuel to be produced in the United States.
Directs the Environmental Protection Agency (EPA), for any year in which the projected volume of advanced biofuel and biomass-based diesel production is less than the applicable volume standard established under the program, to reduce the volume of advanced biofuel and biomass-based diesel required to be blended into transportation fuel to the projected volume available for that year.
Directs the Energy Information Administration to provide the EPA an estimate, with respect to the following year, of the volumes of advanced biofuel projected to be sold or introduced into commerce.
Eliminates the volume standards under the program applicable to corn-starch ethanol.