If you've been going the extra mile at the pump and paying more for premium gas, you may want to reconsider. The AAA automobile club has found that it is not worth the cost.

The common belief over the years has been that premium gas in your tank can increase your fuel economy, horsepower or even boost performance. Some also think it can reduce emissions. But it does not. Regular gas performs the same when it comes to these factors.

AAA's study, which consisted of 16.5 million U.S. drivers, found they wasted up to $2.1 billion in just the past 12 months by purchasing premium instead of regular gas, which would have done just as well in their vehicles.

On average, premium gas is 50 cents more per gallon than regular.

In the study AAA chose three vehicles to test: a Toyota Tundra pickup, a full-size Dodge Charger  and a Mazda 3.

Sources: Fox Business, Market Watch

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