So, while ~16:1 probably has the best BSFC when burning pure gasoline, going leaner can still have benefits. Consider, going leaner at part throttle will allow you to open the throttle plate more, reducing pumping losses - it's almost like having taller gearing on-demand. Varying AFR to determine power output during cruise is basically what diesels do, and is partly responsible for their efficiency advantage. Most of Honda's hybrids and even some gasoline-only models (VX, HX off the top of my head and probably more) lean their air fuel ratios out as far as 24:1 under certain conditions.
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