I didn't double check the numbers so have no idea how accurate this is, but I got it in an email today:
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 US consumption.
And, 5 million barrels of oil costs about $ 375 million dollars at $75/bbl.
So, we all contributed to spending $3 billion to save $ 375 million.
How good a deal was that ???