My recent experience her in Northern Michigan with a recent very rainy period (seemed like weeks) showed only about a 5% drop. (2mpg's). Those who are running hyper-inflated tires are less prone to big drops.
It seems the lubricating effect would be a reason for less mpg's, as the tire is actually slipping a very little with each rotation (like in the winter only not as bad) making for less efficiency. You are not travelling as far for a given rotation.
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