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if you break it down to chemistry, having an intake that takes in more oxygen should give you more MPG. More oxygen means more gas is reacted and therefore you get more power, meaning you won't need to step on the pedal as much, saving u money. The problem with having very oxygen rich mixtures, is you start producing alot of NO2 and all the nasty stuff no ones wants your engine to produce. The downside of having low oxygen mixtures, is of course unreacted gas (which means losing $$$) but you produce mostly CO2.
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