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I think the ethanol blended gas isn't helping any. My friend and I both have F150s with 5.0 and 4R70W with 3.55 gears and we used to get 15-16 mpg, but recently the last few tanks we have both averaged about 13 mpg.
bad injectors to bring her down this much.
pull 'em and have 'em pop tested,and or just replace 'em.
dont forget to recalibrate the odo for those 31's too.
It's not just the old ones, if the gas is really the issue.
My wife's 2005 jeep grand cherokee was getting about 17-18 when we first bought it back in the fall. Now it only seems to be getting around 15. I've checked for DTC's and there's nothing.
First thing is fuel milage is distance driven as displayed on the odometer divided by gas use as displayed on the fuel pump when refilling. You cannot use what you think the tank capacity is and of course the ODO has to be as accurate as possible.
If you're doing that much right then start by checking fuel pressure and for a leaking regulator, determine if the truck has the fuel transfer problem between tanks, and pull codes to see if anything is flagged.
I have a 94 f150 with 351w 4x4 and 31s(closest I can get to a 265/75 r15 which came on this truck factory). It has 3.55 gears and I believe the e4od. I get around 10 in town and around 14ish on the highway. Course I drive like a grandma lol.