This came through the email just now:
A clunker that travels 12,000 miles a year at 15 mpg uses 800 gallons of gas a year.
A vehicle that travels 12,000 miles a year at 25 mpg uses 480 gallons a year.
So, the average Cash for Clunkers transaction will reduce US gasoline consumption by 320 gallons per year.
They claim 700,000 vehicles, so that’s 224 million gallons saved per year.
That equates to a bit over 5 million barrels of oil.
5 million barrels is about 5 hours worth of US consumption.
More importantly, 5 million barrels of oil at $70 per barrel costs about $350 million dollars
So, the government paid $3 billion of our tax dollars to save $350 million.
We spent $8.57 for every dollar saved.
I’m pretty sure they will do a great job with health care though…
We’re in the best of hands.
J. Carmichael // Mar 4, 2010 at 2:04 pm
Hell, wouldn’t we have saved that (and the related CO2) if Nancy Pelosi had simply not taken one of her many tax payer trips?
Scott // Mar 7, 2010 at 2:11 am
But that is a savings of $350 million every year. A new car on average runs about 12 years before maintenance catches up to it. So overall that is a savings of a approximately $700 million over 12 years. The intent was to get the domestic auto industry an influx of fresh dollars in the guise of saving the planet. Too bad the system was flawed from the start and most purchased foreign made models that are better on gas and cheaper on parts.