Is gasoline an effective restoration material to use? A fellow rider just picked up an old mountain bike which has some rust and plenty of gunk in the gears to wash out. He intends to use gasoline to clean the entire bike.

This is the first I ever heard of using gas to clean the chain, gears, spokes, pedals, derailleur. Does it work? Save time? It stands to reason it might cut through the grease but can it restore any luster to rusty components?

If no --> the materials &amp; methods YOU use to clean/restore bikes would be appreciated. 

also Is there anyway to get rust off the wheels, handlebars, nuts/bolts etc?

Please do not use product names, company names or backlinks in your answer; this is not an invitation for spam.

NOTE "Water, soap, elbow-grease, oil &amp; rubber-protectant" is not an acceptable answer - looking for insight not a statement of the obvious.
Gasoline aka petrol, is a volatile fluid that will dissolve grease and oils.  It will penetrate, soften, and loosen impacted and congealed dirt and dust.

Petrol / Gasoline will NOT fix your rust, nor remove your rust. It will not restore chrome.

Petrol is not terrible for rubber parts, but I wouldn't leave them soaking in the fluid. 

The best use for petrol is to clean your parts, before doing a close inspection to decide whether they are serviceable still, or need replacement.

Downside for petrol is that right now its NZ $1.97/litre in my country (approx US $5.36/US Liquid Gallon) and that adds up.  You can't reuse the dirty petrol for anything, and the grease won't settle out so it can't even be decanted.

Petrol is also hard on your skin, so wear gloves, and clean up immediately afterward.  Moisturising your hands before starting is surprisingly good protection too.



Rust

Rust is oxidised iron, which comes from steel being exposed.  Often appears on friction points like chainring teeth, and anywhere that the paint has been damaged letting fresh oxygen to the steel.

There are options:


Leave it alone.  This uglifies your bike and makes it less desirable to thieves, as long as its still mechanically and structurally sound.
Paint over it - this is a very short-term fix and will not last more than a month before the new paint is bubbling off.
Remove the rust then paint it - this is elbow work with a file and sandpaper, or some motorised tool doing the same thing.  You MUST paint the surface within a few hours, else the virgin steel starts to rust again.
Treat the rust - There are many rust treatments which transform red rust into a more stable black oxide of iron.  Most contain Phosphoric Acid and require PPE.  The fumes are something else!  Once the rust has blackened and dried, you can sand and overpaint.


Petrol would be used as a degreaser on the rust before sanding.  Turpentine would be similar, but that's even more expensive than petrol.

Have a look at Suggestions for removal of old chrome?  where I am doing something similar to some handlebars.  That question will be updated as progress continues.