AT THE TIME OF THE POWER LOSS THE ACFT WAS IN THE INITIAL CLIMB FOLLOWING A TOUCH AND GO LANDING. THE FLT DEPARTED FROM HOBBY AIRPORT, HOUSTON, TX, AT 2018 CST AND COMPLETED TWO IFR PRACTICE APCHS PRIOR TO THE TOUCH AND GO. INVESTIGATION REVEALED A FEW OUNCES OF FUEL DRAINABLE FROM THE RIGHT TANK AND APRX 12 GALLONS REMAINING IN THE LEFT TANK. THE ENGINE, FUEL INJECTOR ASS'Y AND FUEL FLOW DIVIDER WERE DISASSEMBLED AND/OR TESTED REVEALING NO MECHANICAL MALFUNCTIONS. REVIEW OF THE OPERATOR'S RECORDS INDICATE THAT THE FUEL QUANTITY GAGES HAD BEEN INOPERATIVE FOR APRX 3 MONTHS. THE ACFT WAS LAST FUELED ON O2-17-85 AND HAD FLOWN APRX 2/7 HOURS BEFORE THE ACCIDENT FLIGHT BEGAN. PRIOR TO RECOVERY OF THE WRECKAGE THE FUEL INJECTOR LINES WERE LOOSENED AND FOUND DRY. TOTAL USABLE FUEL CAPACITY WAS 57.2 GALLONS. EXACT FUEL QUANTITY AFTER FUELING ON 2-17-85 IS UNKNOWN.