This is one of the several myths of ethanol. I've done a bunch of research and testing independently and have found none of this to be true. Let's talk about another...
Source of Moisture:
While alcohols in general are quite hydroscopic, once the water is absorbed it does not separate by itself.Ethanol will absorb 100% of itself with water by volume. That means for 10 gallons of ethanol to fully absorb to the point of phase separation, you must have more than 20 gallons of combined solution. If your tank or container is full, it cannot absorb. This is simple physics, folk. In fact, if you're using E10 which is what most gasoline blends are today, your fuel system will by dryer than it would by adding a bottle of gas dryer products to a full tank. Benefit is that the water is absorbed before it becomes a problem by settling to the bottom of the tank as it would in pure gasoline.
Rots Tanks and Fuel Lines:
Unless you're using natural rubber for fuel lines, nope. Current neoprene and plastic lines are all but impervious to deterioration buy ethanol or gasoline. Methanol is a completely different story. But we're not running that. The car pictured below, while not actually a flex fuel vehicle, has been on E85 since 2004 using auto parts store brake line for fuel line, the original tank and still has all the original fuel hoses at all the connections to pump, pressure regulator and carb that were installed now 12 years ago. (The fixed mixture nature of the carburetor prevents it from running various mixes) Still soft and supple but they well be replaced this year as a maintenance item. Every 10 years is best even on straight gas but I did want to stretch is a bit for purposes like this!
Eats Cork Gaskets:
Actually this one is true. The same benefit you get from its solvent characteristics keeping your system dry and clean does eat glues associated with cork gaskets. However, most performance carburetors and fuel injection systems do not use cork gaskets.
If your fuel does become contaminated then it is best to drain and discard. Reason being is that saturated ethanol will indeed cause a lean mixture condition. If your injectors reach their limit you will have less than satisfying results. So, if you're using E85 to enhance your octane rating just keep the tank full if your truck will sit for an extended period of time. Don't leave room for the bad stuff to come in! However, if you find your sealed fuel system is overly saturated with moisture, you've got somebody relieving themselves in your gas tank!
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