It may be called "Premium," but paying extra at the pump may be a waste of your money.

FOX's Jack Callaghan explains:

If your car is designed to run on regular gasoline, you might be tempted to 'treat it' to the occasional tank of premium. But the American Automobile Association says you'd be wasting your money.

Some drivers think premium means better performance, but researchers have found that while it has higher octane, premium gas it doesn't increase horsepower or fuel economy, decrease emissions or clean engines any better than regular gas in cars that are designed to run on 87-octane regular, which is about 70% of the cars on the road in the U.S.

Triple A says just in the last years more than 16 million drivers spent $2 billion on premium gas they didn't need.

Jack Callaghan, FOX News.