Cash for Clunkers
A vehicle at 15 mpg and 12,000 miles per year uses 800 gallons a year of gasoline.
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 consumption by 320 gallons per year.
They claim 700,000 vehicles - 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 U.S. consumption, and 5 million barrels of oil costs about $350 million dollars at $75/bbl, so...
...the Obama administration spent $3 BILLION of our tax dollars to save $350 MILLION this year.
How good a deal was that???