If you're getting exceptionally bad MPG, at the very least be sure the basics are all correct.
Things like...
Proper thermostat - this is crucial. If you are running too cold (160 carb, 180 TBI) then your engine never reaches proper operating temps. This means significantly worse efficiency and bad MPG. It's like driving with your choke on all the time. It also causes breakdown in the oil and other issues that cause premature engine wear.
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Intake that draws cooler air from outside of the engine bay (usually via the snorkel tube). Cold air is more dense than warm air. Therefore, cold air holds more oxygen and hot air holds less oxygen. Oxygen is what burns. If you want better performance, get more oxygen into the engine (like a turbocharger) that is cooler. Why draw in air that is 200 degrees when the outside air is 100 degrees cooler? That is why intercoolers are often used on forced induction engines - they increase efficiency and thus performance.
Proper type, reach, and heat range spark plugs. Running too hot or too cold means poor efficiency.
Good spark plug wires. Restrictive wires mean less power.
Good coil. Is your coil giving 50% power? You are losing efficiency.
Good cap & rotor. Corrosion means less power to the spark plugs.
Engine is correctly timed.
Brakes are adjusted properly and are not dragging (parking brake, drum brakes).
Alignment is correct. Out of alignment could mean improper toe-in, toe-out, caster/camber, or other issues that increase the force required to push you down the road. That of course could also cause tire wear as a by-product.
Tires are properly inflated. Skinny, smaller, hard tires get better mileage that wide, giant, or soft tires.
Driveline bearings are not excessively worn, are properly lubricated.
Exhaust is not too small, restrictive (clogged, kinked, worn catalytic converter), and also not too "open" (too large diameter tubing). Exhaust backpressure is VERY important because it helps "scavenge" (pull) exhaust gases from the cylinders by "sucking" it out. If you have an improperly sized exhaust, you lose this benefit and reduce efficiency. In addition, an exhaust system that is too large allows the exhaust to cool quickly, before being expelled, and that in turn can reduce flow efficiency. You want to have the exhaust exit quickly and smoothly.
Stock exhaust manifolds are typically very restrictive. If you can get equal length headers (to maintain proper backpressure and exhaust scavenging) that can help tremendously.
Rebuild your carb and replace the jets, check the float levels, and clean out any crud that may have clogged orifices.
Check emissions equipment, such as the EGR, which may be blocked and causing you to burn more fuel. As much as people hate emissions equipment, some equipment can dramatically improve efficiency and MPG.
Check that other engine sensors are working properly if you have a TBI engine. A defective temp sensor or MAP sensor can incorrectly tell the computer to operate at the wrong settings, wasting fuel.
Replace TBI fuel injectors if they are very old.
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Remember something else - automotive engineers have nearly 100 years of experience with vehicles, and probably have at least 4-8 years of education, plus a few years of on the job training. It always makes me laugh when someone buys a car and rips out the intake system and puts in an open-element filter that sucks in hot air from the engine bay, rips out emissions equipment, puts on a different muffler or cat-back system that is "louder" and then says they get better performance. What in the world makes these people think they are smarter than thousands of engineers that have computers and have tested millions of configurations? Most cars made from the 60's and on have the best efficiency and power available at the time. It's so incredibly unlikely that anything aftermarket will make more power it boggles me.
If you want to read an amazing book, read
Maximum Boost by Corky Bell.