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Smaller tires with a lower load rating will have higher rolling resistance at a given pressure. New tires tend to have higher rolling resistance than worn tires due to the flexing of the tread. Did you change the model of tire? It may have higher rolling resistance. The model of tire is more important than the size or pressure when it comes to rolling resistance. Of course your gearing is a bit shorter now as well, which will mostly affect highway mileage.
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