A vehicle getting 15 mpg and driven 12,000 miles per year uses 800 gallons a year of gasoline.
A vehicle getting 25 mpg and driven 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.
The claim states that 700,000 clunkers were traded in – so that’s 224 million gallons per year saved..
· 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 $350 million dollars at $75 per barrel.
· So, we all contributed to spending $3 billion to save $350 million.
Your tax dollar at work!