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.
The government claims there are 700,000 such vehicles – so that's 224 million gallons / year.
A barrel of oil contains 42 gallons of oil. After refining, it makes about 19.5 gallons of gasoline.
That 224 million gallons of gasoline requires about 11.5 million barrels of oil we will save.
11 million barrels of oil is about 1/2 of one day's US consumption.
And, 11.5 million barrels of oil costs about $862 million dollars at $75/bbl.
So, all of us tax payers contributed $3 BILLION to save $862 million.
How good a deal was that ??? And we should trust them with ObamaCare???
Must be Obama and Democrat Logic!
[H/T Dave Ellibee]
Tags: automobile, cash for clunkers, gasoline, oil, political satire, truth To share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service. Thanks!
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