Octane Replacement Act of 1992

Octane Replacement Act of 1992 - Directs the Secretary of Energy (the Secretary) to issue regulations establishing a program to require that, on a schedule of increments from one-half to two between 1994 and 2006, specified octane numbers of the octane ratings of domestically sold gasoline be derived from domestically produced, renewable nonpetroleum sources.

Authorizes the Secretary to waive application of such requirements for any ozone nonattainment area during the high ozone season upon a determination by the Administrator of the Environmental Protection Agency that compliance would prevent or interfere with the attainment by the area of a national primary ambient air quality standard.

Requires the Secretary to issue regulations establishing a system for the use of marketable octane credits for domestically sold gasoline under which credits due to gasoline with a higher octane number than is statutorily required, derived from domestically produced, renewable, nonpetroleum sources, may be used to offset gasoline sales with a lower octane number than is required. Permits the transfer of such credits between companies or within one company.