Not the best pic but directly above you exhaust header tubes will be flat if its not a ca bike. In this pic you can see the PAIR inlets above the exhaust. If you have these its CA bike

 

I don't have those inlets. Mine is empty in that area.

 

If the plugs are that color and indicate proper firing - I'd be looking for more leaks
at the "T"s feeding the carbs or the float levels might be set wrong and it's dumping
fuel. Check when it's running and fuel is coming through the petcock - see if there's
any coming fuel and gas smell from down under the carbs

 

If no leaks and it's running ok, I shift around 5k to-5.5k rpm. Making HP requires fuel, ie, right hand twisting motion. I can get 28mpg if vs. 50 if I'm banging gears in the red.

Try taking it easy on longer trips and see what you get.

 

No leaks at any of the lines.
I have yet to redline her. I did hit 10k rpms after I put in the sea foam. Mainly computing to and from work with highs at 100 mph when I wanna feel the adrinaline.

 

Glad to hear not a CA bike.

Next question, when was the last time you checked the air filter? They are hard to get into on these bikes but a small furry guy may have set up shop in there.

If it's dirty, it would idle and run ok but would be like choking it at higher revs.

100 mph does suck fuel too.

 

When I had the carbs cleaned we checked it and it was just replaced 6 months ago according to the old owner. It's still clean at this point.
Meaning the filter

 

"according to the old owner"

Right - well my translation - that's sometime in the last 10 years

Guy besdie me with a 96 was told the same thing - it was harder than hell
and functioned as a full time choke !

 

Just replaced front tire and rear brakes. Went on a short spin about 20 minutes. After about 10 minutes setting I can smell a faint aroma of fuel but can't see anywhere it may be coming from.
If the floats aren't set right could this be the cause?

 

Incorrect float settings will waste fuel, usually by a rich mixture, which sounds like you don't have, or by overflowing thru the carb vents, which I also don't think you are experiencing.

I'm thinking speedo error.

One note, my petcock was leaking at the tank flange and I never smelled the fuel I only found it when I saw residue on the frame where the fuel was running down.

But..... I have never, even with hard ridding, including lots of 100 mph runs, ever gotten less than 35 mpg.