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Gasoline is a refined petroleum hydrocarbon derived from the same crude as your 2-cycle oil. We are all familiar how gas breaks down or alters composition over time (be sure to add your stabilizer in the fall...). It isn't unreasonable to me to think the oil might as well, although probably much more slowly.

2-cycle oil from 1985? I Maybe, but it seems like a penny wise / pound foolish route to go.

Perhaps John Martin will chime in here. He knows a lot more about this stuff than I.

Dennis