Jay,
In addition the comments from Rob, it is very important that you measure the amount of work done with each test fluid as well. It may be possible that the power consumption is constant but that cycle times are reduced with energy-efficient lubricants.
In industrial applications (stationary plant) the picture might be further complicated if the automated control systems are tuned to certain sytem efficiency assumptions. If you increase the system efficiency through lubricant technology you might consider re-tuning the control system to take advantage of the additional power.
What type of lubricant are you looking at? I have seen efficiency improvements from friction-modified gear oils and also from multi-grade hydraulic fluids.
On the subject of hydraulic fluids, the National Fluid Power Association has proposed a standard for energy saving hydraulic fluid. There was a paper presented on this at the STLE meeting last month. They referenced to the website
www.mehf.com for technical details on the concept.
Hope that helps.