Here is an interesting article on Motorcyle Fuel Economy.
Motorcycle Fuel Economy - Motorcycle Cruiser Magazine
Basically, it seems like the biggest detractor is high speed, as the drag coefficient squares repeatedly as we pass 55 MPH. The faster you go.. the continual increase of drag (resistance) occurs, and it takes increasingly more and more power to continue moving forward. Other measurable, scientific factors play a role as well.
This also explains in simple terms why Bonneville Salt Flats style vehicle's require mucho (as in 3000+ HP) power to reach 500+ MPH, and why they focus so deeply on streamlining and wind tunnel research. If 50 RWHP gets us to 100 MPH, then we need only 100 RWHP to reach 200 MPH, Right? Wrong. Read on.
A bit of trivia... this is why the 55 mph speed limit was enacted back in the 70's - government lawmakers - without utilising the ol' common sense factor - thought that imposing this speed limit would save us all from the evil Arab Oil Shieks, which of course.... it didn't.
There appears to be no magic or voodoo involved (My bike gets better MPG with high octane gas!!!!), just common sense, and physics! Unfortunately, so many folks seem to insist on believing - and preaching loudly - the often hilarious baloney spewed on so many public bike forums. As always folks are absolutely free to believe what they will, but at least consider some physics and reality as well.
Lastly, consider also that improving or "Modding" our bikes - if it really is
IMPROVING, would either increase the MPG factor, or at the very least match the stock MPG. Otherwise, what - if anything - did we
IMPROVE, if the efficiency and power/weight ratio were enhanced, and the end result was a reduction in fuel efficiency? Sounds more like the modder DECREASED the overall performance of the bike, but more likely at best made it louder, less reliable and more difficult to ride!
Think about it...
Ride Safe (and efficiently!)

Bob