Clean Air and Water Preservation Act of 2000

Requires the Administrator of the Environmental Protection Agency to require, during the period beginning on this Act's enactment and ending three years after such date, persons selling gasoline that contains MTBE at retail to label the fuel dispensing system with a notice that the gasoline contains MTBE.

(Sec. 4) Amends the Safe Drinking Water Act to require the Administrator to amend certain guidelines to require State source water assessment programs to be revised to prioritize groundwater areas and aquifers that have been contaminated, or are most vulnerable to contamination, by MTBE. Directs the Administrator to develop a clear set of technical guidelines to assist States in the investigation and cleanup of MTBE in groundwater.

(Sec. 5) Revises the oxygen content requirement for reformulated gasoline under the Clean Air Act to require the oxygen content to equal or exceed an average of two percent by weight (currently, equal or exceed two percent by weight). Invalidates Federal regulations that establish a per-gallon minimum oxygen content (percent, by weight).

(Sec. 6) Requires the Administrator to revise regulations regarding reformulated gasoline to ensure that the ozone forming potential, taking into account all ozone precursors, of the aggregate emissions during the high ozone season from baseline vehicles when using reformulated gasoline does not exceed such potential of the emissions from such vehicles when using reformulated gasoline that complies with regulations that were in effect on January 1, 2000, and applicable to such gasoline sold in 2000 and thereafter.

Limits the hydrocarbon content of reformulated gasoline to the average content of such gasoline sold in covered nonattainment areas during the year 2000.

(Sec. 7) Requires the Secretary of Energy and the Administrator to report to the President and Congress on the potential for development of oxygenate alternatives to MTBE not identified in this Act and to evaluate what steps would be appropriate to foster development of such alternatives should they be found to be acceptable substitutes for MTBE.

(Sec. 8) Expresses the sense of Congress that the United States should promote renewable ethanol to replace MTBE and encourage oil refiners to make the transition from MTBE-blended fuel to ethanol-blended fuel as soon as possible.