The Performance Index (PI), a widely used composite measure of vehicular stops and delays, is one of the most popular traffic signal performance measures. Over the decades it has been used to achieve a proper balance between delays and stops. Its key component, the “stop penalty,” has been used to minimize excess fuel consumption from unnecessary stops caused by traffic control operations. In signal optimization practice this stop penalty, also known as the K factor, has been set as an invariable parameter with a relatively low value ∼10 to 20. This paper questions this widely accepted practice. It first explains the origins and meaning of the PI and the significance of the K factor. Then, it lists various studies, discusses their inconsistencies, and introduces a new Fuel Consumption Intersection Control PI (FCIC-PI). The paper also presents findings from field data collection and compares them with the other studies, including some simulation results. Outcomes of these various findings show some inconsistencies, but all point to the existing practice being wrong: the K factor is a variable dependent on at least one important factor—cruising speed. The outcomes also indicate that K values should, if fuel consumption is to be minimized, be larger than currently used. Future research should confirm these findings with a larger field data set, investigate other factors that affect the stop penalty, and consider a family of other emission-related PIs. Finally, a new methodology should be developed to properly integrate these new PIs into signal timing optimization.