Standby Gasoline Rationing Act - Directs the President to prescribe a standby motor vehicle gasoline and diesel fuel rationing plan to meet target consumption levels for the years 1978 through 1985. Details factors to be considered in the formulation of such plan.

Authorizes the President to submit such plan to Congress for action if target consumption levels are exceeded by more than one full percentage point. Stipulates that such plan shall become effective in accordance with procedures prescribed under the Energy Policy and Conservation Act.

Prohibits such rationing plan from containing tax or pricing provisions.