Higher air temps have exactly the same effect on aero drag and engine performance as increasing the altitude of your driving location. I once sat down and ran out the calculations that the air temperature at my 500 foot above sea level location would have to reach 170 degrees F to equal the same aero drag and engine performance that someone would get driving around in the Rocky Mountains at 10,000 feet above sea level. The term is called "density-altitude" in aviation.
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