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Location: Rhinelander, Wisconsin | From Itstillruns, a pretty good simple breakdown:
Alcohols
Loss of moisture is one of the causes of liquid fuel becoming more gel-like. Ethanol is an old-fashioned fuel stabilizer. Without additional chemical treatments, ethanol has water-absorbing properties which help keep fuel liquid. Other alcohols are used toward this end as well.
Hydrotreated Light Naphthenic Distillate Solvent Extract
Hydrotreated light naphthenic distillate solvent extract, known by a number of other names, including mineral oil and petroleum distillates, is a substance which makes up the majority of many fuel stabilizers. It works to prevent changes in the chemical make-up of solutions to which it is added. It is also used in anti-freeze, engine flushes, seals and lubricants.
"Trade Secret" Formulas
In addition to alcohols and hydrotreated light naphthenic distillate solvent extract, most commercial fuel stabilizers contain what the companies describe as "proprietary" or "trade secret" formulas.
As I understand things, the additional "proprietary" chemicals might be solvents, lubricants, and octane boosting agents.
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