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From Wikipedia:
E15 contains 15% ethanol and 85% gasoline. This is generally the highest ratio of ethanol to gasoline that is possible to use in vehicles recommended by auto manufacturers to run on E10 in the US,[27][28] though it is possible that many vehicles can handle higher mixtures without trouble.
As a result of the Energy Independence and Security Act of 2007, which mandates an increase in renewable fuels for the transport sector, the U.S. Department of Energy began assessments for the feasibility of using intermediate ethanol blends in the existing vehicle fleet as a way to allow higher consumption of ethanol fuel.[29] The National Renewable Energy Laboratory (NREL) is conducting tests to evaluate the potential impacts of intermediate ethanol blends on legacy vehicles and other engines. In a preliminary report released in October 2008, the NREL presented the results of the first evaluations of the effects of E10, E15 and E20 gasoline blends on tailpipe and evaporative emissions, catalyst and engine durability, vehicle driveability, engine operability, and vehicle and engine materials. This preliminary report found that none of the vehicles displayed a malfunction indicator light as a result of the ethanol blend used; no fuel filter plugging symptoms were observed; no cold start problems were observed at 24°C (75°F) and 10°C (50°F) laboratory conditions; and as expected, all test vehicles exhibited a loss in fuel economy proportional with the lower energy density of ethanol, for example, with E20, the average reduction in fuel economy was 7.7% when compared to the miles per gallon achieved by the gasoline only (E0) test vehicles.
I would guess that a 1-2% reduction in mpg will be realized.
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