Slim, I think Lazy nailed it. There are actually a few different speeds for any boat and the fuel economy will vary with each speed, sometimes dramatically.
The lowest of those speeds is just about idle, but boats tend to wander side to side quite a bit and require constant steering effort to maintain a heading.
Next up is "hull speed" and this will vary with the length of the hull at the waterline. There's a formula to figure it: 1.34 x square root of the length of the hull at the water line (LWL). That will be a very efficient speed.
As you go above that speed the stern of the boat tends to sink down into the water because you're outrunning your bow wave. The bow rides high and the boat is plowing through the water. This is VERY a inefficient speed.
As you increase speed your boat will transition from plowing through the water to riding on plane on top of the water. This speed, "planing speed" is also efficient and may be your boat's most efficient way to run. The bow drops and the stern of the boat is supported by the water running beneath the hull. This efficient speed may well be from about ~3200 rpm's up to ~4,000 rpm's.
From there, the faster you run the less efficient your boat will be. WOT speed is REALLY sucking down the gas.