A bored statistician has been busy again...
A vehicle at getting 15 mpg and doing 12,000 miles per year uses 800 gallons a year of gasoline.
A vehicle at getting 25 mpg and doing 12,000 miles per year uses 480 gallons a year.
So, getting rid of each average clunker will reduce US gasoline consumption by 320 gallons per clunker per year.
They claim 700,000 vehicles were taken in during the clunker program - 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 1/4 of one day's US consumption.
And, 5 million barrels of oil costs about $350 million dollars at $75 a barrel.
So, we all contributed to the spending of $3 billion dollars...to save $350 million.