We get 16 mpg in our lifted '96 Ranger 4L auto 4WD, so you should get MUCH better with the 2.3L and 2WD. In fact, my '86 2.3L 2WD with a 5 speed got 22-24 mpg with me driving like a nut.
Check your tires for uneven wear; my '96 has camber and toe problems because of worn suspension bits. Also check your rear bearings; they roar when they're worn, but it happens so slowly that it sneaks up on you.
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