Haven't played in years, but when I did, they needed ration, and when they ran out, they went slow as molasses. It's comparable to having your character walk. Not run, walk.
So lets say one of the pony sticks runs at 150% at full speed, and 50% when its out. A mount that runs at 300% won't decrease by 100% like the pony sticks. It's going to run at 50% speed too.
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