This thread has some great discussion around MPG so I wanted to share my recent experience now that I've actually towed for the first time. This all takes place between Houston and Austin on 290 which is for all intents and purposes a pretty flat drive. There are some hilly sections but a very far cry from being in mountainous regions. This is stock Crew Cab Z71 with 3.0L, 3.23 axel ratio and the 275/60R20 Bridgestone Dueler A/T RHS at 36psi cold temp. Only additions to truck are spray-in bedliner, Bakflip fibermax bed cover, and AMP research power steps. Had Equalizer WD hitch in bed which weighs ~ 100lbs (edit: and wife in car... driver and passenger combined weight probably 280 lbs)
1) Regular driving mode, Unloaded drive Hou-ATX [one stop at Buc-cees (no gas) and a drive-thru for lunch]: 179.4 miles 26.3 mpg avg(per DIC), largely going 65-75 mph, max at 80 for brief period
2) Tow/Haul driving mode, Loaded with 23' 5,000 lb Airstream drive ATX-HOU [no stops]: 183.1 miles 15.9 mpg avg(per DIC), largely going 60-70 mph although I got up to high 70's without realizing it at all. You gotta watch this pup!
3) Total combined miles of 371.5 (includes unloaded + loaded drives + 9 miles from storage to home) - 17.867 gallon refuel = 20.79 combined mpg (slight decrease in avg from just averaging the above two figures bc truck was idling for a long period at the trailer dealer while doing walk-thru, setting up rear trailer camera, etc.)
This was my first experience towing anything. I will say the combination of this truck, the engine, transmission, and the weight distributing hitch far surpassed my expectations (maybe I tend to worry too much). I was extremely impressed with the overall handling and feel. Trailer tracked my truck like a shadow, did not feel any effects from semi's passing me by... it was a very easy tow.
TLDR: This truck is a little badass and I love it.