A propellant includes a binder system that has a polybutadiene component, a polytetrahydrofuran component, and an anti-oxidant component. In an example, the propellant includes a solid oxidizer, a solid fuel, and a binder system that holds the solid oxidizer and the solid fuel together. The binder system includes a polybutadiene component, a hydrocarbon diluent component of a higher level of saturation than the polybutadiene component, and an anti-oxidant component.