The Economic Policy Institute, a think tank in Washington, D.C., has crunched the numbers and declared Cash for Clunkers an economic and ecological success.
The Department of Transportation has calculated that the average fuel economy of the clunkers traded in so far has been 15.8 mph, while the new cars purchased under the program have averaged 25.4 mpg. According to the EPI, this translates to an annual savings of:
- $821 in fuel savings per consumer
- 87 million fewer total gallons of gas pumped
- 22.2 million fewer barrels of foreign crude oil imported
- 850,000 fewer tons of carbon dioxide emitted
Not to mention the shot in the arm it’s given the economy. This kind of government support can’t last forever, but it’s nice to know it worked like it was supposed to. Mostly.
Tags: carbon emissions, cars, cash for clunkers, crude oil
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