Wednesday, September 23, 2009
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Tuesday, September 8, 2009
Cash for clunkers summary
A vehicle at 15 mpg and 12,000 miles per year uses 800 gallons a year ofgasoline. A vehicle at 25 mpg and 12,000 miles per year uses 480 gallons a year.
So, the average clunker transaction will reduce US gasoline consumptionby 320 gallons per year. They claim 700,000 clunkers were traded in – so that’s 224 million gallons / year.
That equates to a bit over 5 million barrels of oil.5 million barrels of oil is about ¼ of one day’s US consumption.
And, 5 million barrels of oil at $75 per barrel costs about $375 million dollars.
So, $3 billion Tax dollars were spent to save $350 million so people with clunkers could buy a new car?
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