A method of producing a polyether polyol, comprising: reacting a low molecular weight initiator with ethylene oxide in the presence of a polymerization catalyst, the low molecular weight initiator having a nominal hydroxyl functionality of at least 2 and a number average molecular weight of less than 1,000 g/mol, and the polymerization catalyst being either a Lewis acid catalyst having the general formula M(R 1) 1 (R 2) 1 (R 3) 1 (R 4) 1, whereas M is boron, aluminum, indium, bismuth or erbium, R 1, R 2 and R 3 each includes a same fluoroalkyl-substituted phenyl group, and R 4 includes a functional group or functional polymer group, said functional group or functional polymer group being a molecule that contains at least one of the following: water, an alcohol, an alkoxy, a ketone, an ester, an organosiloxane, an amine, a phosphine, an oxime, and substituted analogs thereof, or a Lewis acid catalyst having the general formula M(R 1) 1 (R 2) 1 (R 3) 1 (R 4) 0 or 1, whereas M is boron, aluminum, indium, bismuth or erbium, and each of R 1, R 2, and R 3 includes a same fluoroalkyl-substituted phenyl group and each of R 1,R 2,and R 3 is a phenyl group substituted with at least one fluoroalkyl group and one fluoro or chloro group, a phenyl group substituted with at least one fluoroalkyl group and two fluoro, two chloro or one fluoro and one chloro group, a phenyl group substituted with at least one fluoroalkyl group and three fluoro, three chloro or a combination of three fluoro and chloro groups, or a phenyl group substituted with at least one fluoroalkyl group and four fluoro, four chloro or a combination of four fluoro and chloro groups; and forming a polyether polyol having a number average molecular weight of greater than the number average molecular weight of the low molecular weight initiator in the presence of the Lewis acid catalyst. reacting a low molecular weight initiator with ethylene oxide in the presence of a polymerization catalyst, the low molecular weight initiator having a nominal hydroxyl functionality of at least 2 and a number average molecular weight of less than 1,000 g/mol, and the polymerization catalyst being either a Lewis acid catalyst having the general formula M(R 1) 1 (R 2) 1 (R 3) 1 (R 4) 1, whereas M is boron, aluminum, indium, bismuth or erbium, R 1, R 2 and R 3 each includes a same fluoroalkyl-substituted phenyl group, and R 4 includes a functional group or functional polymer group, said functional group or functional polymer group being a molecule that contains at least one of the following: water, an alcohol, an alkoxy, a ketone, an ester, an organosiloxane, an amine, a phosphine, an oxime, and substituted analogs thereof, or a Lewis acid catalyst having the general formula M(R 1) 1 (R 2) 1 (R 3) 1 (R 4) 0 or 1, whereas M is boron, aluminum, indium, bismuth or erbium, and each of R 1, R 2, and R 3 includes a same fluoroalkyl-substituted phenyl group and each of R 1,R 2,and R 3 is a phenyl group substituted with at least one fluoroalkyl group and one fluoro or chloro group, a phenyl group substituted with at least one fluoroalkyl group and two fluoro, two chloro or one fluoro and one chloro group, a phenyl group substituted with at least one fluoroalkyl group and three fluoro, three chloro or a combination of three fluoro and chloro groups, or a phenyl group substituted with at least one fluoroalkyl group and four fluoro, four chloro or a combination of four fluoro and chloro groups; and forming a polyether polyol having a number average molecular weight of greater than the number average molecular weight of the low molecular weight initiator in the presence of the Lewis acid catalyst.