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The problem with that is that yes they can get the same power out of a smaller engine but the difference in tuning makes the engine use more gas at the rpm range its used.
For example the 3.8L engine used in the Jeep Wrangler is also used in a minivan. The minivan has an optional 4.0L which only makes a little bit more power. The minivan with the 4.0 engine actually gets better mileage than the same minivan with the 3.8.
edit to add: I agree though, they are fixed on peak HP and not the overall picture. Who is going to be able to use the max horsepower when the max horspower is 1000rpm past the rpm limiter?
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