Agreed, I use about 1qt per tank. You may have a stuck oil cable or the adjustment nut needs re-adjustment. There is a how to in the Increase Your IQ sticky at the top of the IQ page.
Attached is close-up pic of the oil pump for your reference.
Some people have had to install a return spring on the pump arm, IF it's sticking.
My 2007 700 was 37: 1 gas / oil ratio when new.
I turned the 10mm jam nuts 1 1/4 to 1 1/2 turns and it's 57:1 now (approx 22oz per 10 gallons fuel) for the last 3700+ miles and I'm comfortable with that.