This sounds like my Ranger. I have a 1999 with the Flex Fuel motor.

The 3.0 is not overpowered, but is a durable cast iron motor. What it loses to the 4.0 in power it makes up in reliability and with cost effective maintenance.

Right now I'm getting over 21mpg on my 320-mile weekly commute. Last week I burned only about 15-gallons of 87 octane. I'm not expecting 21mpg this week. I did alot of idling in traffic and had to use 4wd a few times during today's snow storm. I drive under the 65mph speed limit and do a lot of coasting too.

During the summer months, I've topped 23mpg often and even averaged over 24mpg one week.

The key thing might be to drive slower and watch the tire pressure. These vehilces are heavy and also push a lot of air.