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2 Feb 10 - 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 reduced US gasoline consumption by 320 gallons per year. They claim 700,000 vehicles so that's 224 million gallons saved this year. That equates to a bit over 5 million barrels of oil.
Five million barrels is about 5 hours worth of US
consumption. More importantly, five 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 we saved. I'm pretty sure they will do a great job with our
health care, though.
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