as you know the stimulous package put out $1B in gov credits for customers who traided in their gas guzzlers/eco unfriendly cars for newer cars that got better gas mileadge, and better emmisions.
Dems say great but yet Reps still take a crap on everything. So did some research
Lets gets some basic figures out there
Today a barrel of sweet crude is $72per
Texas and Aribic sweet crude yeilds about 13.44 gal of gasoline per barrel
Its only been a week, but here are the early reports.
220,000 trade ins that qualified have occured. Totally $920,000,000 in credits
The avg old veh got 15.8mpg, and the avg new veh gets 25.3mpg which is a diff of 9.5mpg
(side note american and foreign split the sales at 50/50, and 50% of the foriegn cars were MADE IN THE USA anyway)
the avg person supposedly drives 12,000 per year, and 60,000 miles over a 5 year term.
old car @ 60k miles comsumes 3,797 gal
new car @ 60k miles consumes 2,371 gal
difference is 1,426 gal per car
multiplied by 220,000 cars sold
is 313,720,000 gal saved
divided by 13.44 gal of gasoline per barrel
is 23,342,261 barrels
multiplied by $72 per barrel
is $1,680,642,857 in oil
minus the $920,000,000 the gov put out
totals $760,642,857 savings
what about the stimulous part?
well if the avg person does drive 1000 miles per mo, according to the 15.8mpg vs the 25.3mpg it would save the avg person 23.77 gal of gas consumed at the avg. cost of $2.50 per gal or $59.42 in gas costs per vehichle. Now in my house we have two cars which would be $120 in saving that we can use to help pay more bills, buy a few more things we need, and hey maybe splurge a bit. hey thats 26.4M per mo back to the economy or 1.584B over 5 years...