cojhl2... . It is the same thing as having nitrous with no fuel... To much oxygen. Unless you retard the timing, or fix the lack of fuel it will be to hot and cause detonation. If it happens more severely then you have the failure of head gaskets, cracking heads, burning spark plugs, burning valves, pounding out the valve seats, burning the valves... . all sorts of fun stuff.
Don't try this!!!!
But... you can actually put a lit match out in a bucket of straight gasoline. No oxygen, or a lower % of oxygen that will not allow a proper mixture for combustion. As soon as you start adding oxygen the combustion gets hotter.
Oxy-Acetylene is the same way along with other torch configurations.
A really great fuel would be hydrogen... but it is rather flammable and unsafe.
Stoichiometry for gasoline is @ 14. 1:1... more than that and you are lean... less then that and you are rich. The timing plays a role in that as well. . but is more complicated. You can have the correct "S" ratio and have the wrong timing.
Check this out... .
Lean Burn Combustion, 101.
Have fun.