Also, a bit of oil fling is necessary to clean the chain. One of the main purposes of oiling a chain is to clean it, not necessary to lube it. Modern O ring chains are sealed, and you want to keep those O rings sealed by removing any dirt/grit than can damage them. The beauty of an oiler is that you can put the oil down when the chain is really cranking out the RPMs.
The oil drips on the moving chain (or more accurately the sprocket), gets attached to the grit and grime and that sand/oil paste is "flung" off by centrifugal force. Less is more and you don't want a wheel covered with dirty/gritty oil so maybe just dialing down the amount of oil you use is the answer.
Totally anecdotal, but I don't think I've gone through 4 oz of an old transmission fluid/bar oil mixture of waste oil in about 15,000 miles of (mostly interstate) riding with my auto oiler. I filled the auto lube resevior about a year ago and it isn't empty yet.