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It'll take it but I cant promise it'll run...I wish it would take diesel....at winter 2016 prices
My understanding of higher octane (premium) vs regular is that its only needed in high compression engines to avoid knocking or detonation. Octane is a measure of when the gas/air mixture spontaneously explodes based on being compressed vs when it is sparked? You don't want it to explode early from compression, you want it to explode when the engine spark hits it. I never thought premium fuel had any more "power" or better gas mileage ... unless you had the knocking situation?
In the old days lead was added to gas ... until they realized how many people were being hurt by that process ingesting lead. MTBE was added to gas for a long time to increase octane but that was an environmental disaster when it leaked out of tanks and got in the ground. Ethanol is now the predominant octane booster (E10) and it certainly doesn't increase gas mileage or horsepower, quite the opposite.
Ethanol in gas is a big debate for boat, snowmobile, motorcycle, small engines of all types. Some people like to believe that they can add an additive to "stabilize" it or prevent phase separation. I think that's a bunch of baloney. Just keep E10 away from water vapor and get rid of it by 6 weeks is my strategy. You can buy certain fuels (like VP) that are good in your tank for a year (supposedly) or two but expensive.