That's right. Changing your tire diameter effectively changes the gearing of the vehicle. Smaller tires gears the entire drivetrain "lower" and will improve your acceleration but will generally raise the engine RPM at the same speed (assuming same transmission gear, of course), causing a drop in gas mileage but also an increase in engine wear.
With larger tires, the car won't pull as well, but the engine will rev lower at the same speed, hopefully improving your gas mileage. IIRC Someone made a point earlier that the Vulcan and Duratec final drive are different such that the Duratec actually gets about the same highway fuel mileage because the Vulcan has to turn higher RPMs at highway speeds than the Duratec.
A couple things to remember with bigger tires:
1. Although you may actually improve your mileage, your speedometer and odometer are not going to reflect this. The speedo will read lower and the odom will roll slower because you are turning the tires fewer times per unit distance. So when you calculate your gas mileage, it may not improve, even though you will have traveled more miles on the same volume of fuel.
2. In relation to that, you can figure out the percentage circumference increase of your big tires over the stock tires, assuming you can do the math. The speedometer reading times that percentage is how much faster than the speedometer says that you are actually going. Likewise, the odometer reading times that percentage is how many more miles you've traveled than the odometer says since you put the new tires on.
3. Keep in mind that your actual speed will be a few percent higher than the speedometer says. So if you were unhappy with your previous gas mileage at 55mph, adding a 5% larger tire and then drive where the speedometer still says 55mph, you will actually be going almost 58mph, and it's going to hit you with 10% more drag. You will have to be more careful if you like to abuse the speed limit, too.
