"S G, old rule of thumb, for a
"S G, old rule of thumb, for a normally aspirated motor - carburated. Take max HP/10 = gph at wide open throttle, about half that at cruise speed which is usually about 3/4 throttle (the point where you have max timing advance).
But that is a pretty general guideline. Too many factors to give you a simple answer. Is the 150 on a boat rated for a 250 - so that the motor is the absolute minimum you would want to put on it, or is it only rated for a 125 and you are "over horsed".
Obviously it would take less gas to push a boat with a displacement of 1500 pounds compared to 2 tons.
EFI motors burn considerably less than carb'd models, ditto 4 strokes and DFI's.
So back to your original question. If you run a carb'd 150 on your rig at wot and it goes say 40 mph, and burns 15 gph you are getting a little over 2.5 mpg. At cruise speed you may get 28 mph and burn 8 gph which would be 3.5 mpg.
Only way to know for sure is 1) install a fuel flow meter or 2) fill your tank, make some notes and see what you come up with..."