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 U.S. gasoline consumption by 320 gallons per year.
They claim 700,000 vehicles – so that's 224 million gallons per year. That equates to a bit over 5 million barrels of oil.
5 million barrels of oil is about ¼ of one day's U.S.consumption.
5 million barrels of oil costs about $375 million dollars at $75/bbl.
So, we taxpayers contributed $3 billion to save $375 million.
How good a deal was that? They'll probably do a great job with health care though.