A system for the production of aerated fuels, the system including a high shear device configured to produce an emulsion of aerated fuel comprising gas bubbles dispersed in a liquid fuel, wherein the gas bubbles in the emulsion have an average bubble diameter of less than about 5 μm, and an internal combustion engine configured for the combustion of the emulsion, and wherein the gas comprises at least one component selected from the group consisting of air, water vapor, methanol, nitrous oxide, propane, nitromethane, oxalate, organic nitrates, acetone, kerosene, toluene, and methyl-cyclopentadienyl manganese tricarbonyl.