Amends the Clean Air Act to authorize the Administrator of the Environmental Protection Agency to waive requirements for the use of oxygenated fuels in a carbon monoxide nonattainment area in Alaska if compliance: (1) is not feasible because technology is not commercially available or the use of such fuels would increase the cost of available fuel supplies by more than 150 percent of the national average cost of using such fuels in nonattainment areas outside of Alaska; (2) would be unreasonable due to unique geographical or meteorological factors; (3) could or does cause harmful health effects; or (4) increases aldehyde emissions appreciably.

Directs the Administrator to conduct a study that compares, and report to the Congress on, the probable health risks and costs of carbon monoxide nonattainment in Alaska with those of increased noncarbon monoxide emissions associated with the use of oxygenated fuels in Alaska.

Authorizes the Administrator to suspend the required use of oxygenated fuels during the pendency of a petition for a waiver and until the completion of the health risk study.