First off, as everyone has said, high gas consumption is typical for a novice diver, and it will improve as you become more comfortable with the mechanics of diving.
But what actually CHANGES as people get more experience, that explains why they use less gas? I would offer that it is two things -- they become more relaxed (and therefore breathe more effectively) and they become more efficient (so they don't work as hard).
The body's primary drive to breathe is the CO2 level in the blood. This is directly related to the volume of air that is driven through the air cells in the lungs per unit time. You would think, then, that the faster you breathed, the lower your CO2 would drop -- and to an extent, that's true. But the problem is that the top of the airways, the trachea (or windpipe) and the large bronchi, don't exchange any gas. So all the air that ventilates THEM is essentially wasted, from a CO2 point of view. And if you breathe rapidly and shallowly, that's ALL you ventilate -- the air never gets past the big channels and into the small air sacs where gas is exchanged. New divers, because of anxiety sometimes and because they're unused to the feeling of breathing from a regulator, tend to use a very rapid, shallow breathing pattern. This blows through a lot of gas very quickly, and doesn't drop CO2 effectively. This can lead to anxiety, a feeling of not being able to breathe, or post-dive headaches.
The solution is a slow, rhythmic pattern of inhalation and exhalation, with a very brief pause at the end of each swing. Some people read this as meaning you should inhale everything you possibly can, and exhale everything you possibly can, but that's not the point. If you do that, you'll have significant buoyancy changes! What you want is a slightly larger breath than what you would take sitting on your couch, more like what you would do if you were doing yoga or meditating, and a steady, slow rate of both inhalation and exhalation.
But one of the biggest things that will ALLOW you to have a smooth, rhythmic breathing pattern is relaxation. And to be relaxed, you have to be stable. Being stable has several components. The first is weighting yourself correctly. This is important because being light means you have to swim to stay down, which is uncomfortable and uses a lot of energy. Being heavy might seem attractive, but a large air bubble in your BC will cause a great deal of buoyancy shift as you go up and down, and can lead to constant venting and adding, as well as a lot of swimming, all of which uses air. Correct weighting makes it easiest to achieve and retain neutral buoyancy, and lower your workload and your tension.
Once you have gotten your weighting right, the next trick is to distribute it effectively. In warm water, that usually isn't very hard, because you usually aren't carrying much weight. In cold water, it's a different story. New divers, especially in dry suits, may be carrying up to 30 pounds (or more) of lead. If they put it all in weight integrated pockets or weight belts around their waists, it's likely they'll end up out of balance. In this case, the minute they stop kicking, they rotate feet down, and they probably swim at a 30 degree or greater angle away from horizontal. In this scenario, you have two problems. One is that you are presenting a big frontal surface to the water, with a lot of resistance you have to overcome to move forward. The second is that, because your feet are pointing down, every kick pushes you up. If nothing countered that force, you'd just keep ascending. So, to stay where you are, you have to vent gas from your BC and remain continuously negative. That means, a good part of the energy that goes into every kick has . . . no net effect at all! It's just effort wasted, and gas used as a consequence.
So, shifting your weight around until you can float easily in a horizontal position means that you can aim your kick directly behind you, and all the force goes to push you forward, which is what you want.
Now, there is another component to stability, which is learning to function well as a tank/BC/person unit. I rarely see anyone talk about this, but you DO have to learn how to balance yourself and your equipment in the water. This is easier if your BC fits you well, and holds your tank firmly in the middle of your back. But it's still like learning to be the bicycle, and balance the rider. Until you get the hang of it, you're likely to feel as though you need to do a lot of waving your arms around to keep upright, and that's all wasted energy, too. THIS is one of the big components that just improves with practice (and with getting your own gear, too, if you get the right stuff).
Although streamlining gear DOES reduce effort, in the context of the inefficiencies of a new diver, a hanging strap or hose is insignificant compared with the other things I've already mentioned.
But the last piece is to learn to do less. Diving is a sport of gentle touring (unless you are spearfishing). Once you are stable, you don't have to kick to keep your balance, so don't! Go slow. Look for camouflaged creatures. Watch behavior, that you won't see if you blast past it. Diving a reef is like touring a museum -- if you march through, you won't see much!
Relaxation and efficiency . . . both come with time, but you can shorten the course by taking some thoughtful steps to change your gear and your procedures.