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Is your pickup a 2WD or 4WD? I have an '88 4WD that I use for hauling, but it has fuel injection, not a carb, and I don't see 40 mph unless the route's all downhill.
As for why changes in fuel economy in the 20 years since yours was build, look at wider tires, more frontal area, etc. Today's "small" Toyota pickup is a good bit bigger than ours.
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