Fuel mileage very poor?

Engine Mechanical problem
1992 Ford F150 V8 Four Wheel Drive Automatic 229+ miles

I am going nuts PLEASE HELP ME! Fuel is almost $4.00 a gallon and my truck only gets 4mpg. No exaggeration, no bs, honestly this is my actual gas mileage. I realize it is extremely high mileage 229,268.09 miles. It starts easily, she is a good girl that way, and at times will run like a dream down the freeway, seems tho that she has gotten extremely ill and I have to always have the overdrive button on the column shifter I don't have anyone to help me with this so I am trying to wade through all the symptoms. It cuts out badly, the fuel usage is unbearable. Going up inclines seems to be the roughest on it. Using cruise control does seem to help it to even out and not run so roughly. I have been told it could be a sensor, or the fuel pressure regulator. Now I have been told that it takes a special tool to change the fuel pressure regulator. But this is coming from someone that wants me to sell it and I am determined to fix my truck. Can anyone give me any advice? Thanks. I need to know where to locate the regulator and what tools would I need to perform the task? I cannot afford a mechanic, and am now working only to pay for gas to and from work. HELP!

You might want to do some mechanical work on your truck. If you have then disregard my next statements and make sure your 02 sensor and EGR are working properly. A valve job will help enormously if they are not seating correctly due to carbon buildup. A timing chain and camshaft will help compliment. As you might have guessed next you need to do a compression test on your cylinders but my guess is you have far too much blow by past the cylinder rings. Change the rings or the pistons and rings accordingly. To be honest a properly tuned carburated car should get around 10-15 mpg and an EFI motor should recieve 15+.

Is there any kind of smoke coming from the tailpipes? Has work been done to it lately?

Have a 1991 f150 sc 4x4 auto. Gas mileage is real bad and power not great. Even at 55 mph gas mileage is still about 9 to 10 mpg. Any suggestions. No check engine light

Sorry. The engine is the 5.8 litre or 351

I was afraid of that. Thank you for looking into it

I have a 1990 Ford F150 that runs excellent, except that it only gets about 7 to 8 miles per gallon on the highway. We have changed the plugs, wires and distributor cap with no change. I also put it on a code reader, and it did not throw any codes. The check engine light only comes on when you turn the ignition key on then goes off when the engine starts. This truck always got between 15 to 18 mpg until about a year or so ago. Needless to say, we don't drive it much. Thank you in advance for any help you can give. MEL

No on all of the above, but beginning this morning I will be doing so. Thanks for the advice.

No leaks and no dragging brakes. I had the catalytic converters checked by a shop, with negative results. We will be checking fuel pressure today or Monday. I was also told by the shop that I should check out the O2 sensor.
That is also on the agenda.

Uses at least 5 times what it should, 1/4 tank = 20 miles

Re excessive fuel consumption
Truck starts and runs fine, has about 50,000mi on factory rebuild, trans is rebuilt as well, I was thinking is this a fuel pressure regulator issue?
I also looked for a maf in the air intake, bur was unable to find it, likely because it doesn't seem to have it, I recharged k&n air filter and may have reinstalled it a bit wet, however I believe the engine was allready a pig on fuel. I had locking gas caps on the vehicle but noticed the fuel hissing out the filler spout and so I put the old gas caps back on. Also I was wondering about the carbon canister any advice would be great, there are no services where I live Thank you. Wally