I think your theory is correct. My 1997 Corolla on the way home from around 3hr away only got 33mpg for the trip, by far the worst tank I ever had and I could only go 60mph max with it. It had a lot of problems though....
Rear struts completely blown out, tire had no resistance on bumps so this is why the max speed was 60
Alignment was about a half a turn of the steering wheel off
I did a basic tune up, rear struts, new rear tires + alignment and I think that's all and my mpg since has been 38-44mpg. It all adds up, and ironically the front end still had issues, inner tie rods were sloppy and strut mounts made a ton of noise on bumpy roads. I put 80k miles on it that way and it didn't change lol. It was a city beater car though, it was nothing special. I orig wanted it as a temp car, but it worked so I drove it for like 3-4 years.
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