Correllkp, Roland is correct, the red wire with the yellow crimp connector is NOT factory.
I also think ol'George is on the right track about the fuel solenoid.
Look at your carburetor, bottom of the float bowl. That is where the fuel solenoid is.
See if that is where the other end of the red wire goes. If it is connected to your fuel solenoid, then that is your drain.
Normally the key switch provides power to the fuel solenoid ONLY in run and start positions. Nothing when key is off.
You may have a faulty or incorrect key switch and a previous owner tried to modify things.
If that's the case, you can either troubleshoot a wiring issue or cut the plunger off the fuel solenoid and leave the red wire disconnected at the battery.
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