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Joe Romm says that although the Cash for Clunkers program was never meant to be a cost-effective way to reduce carbon emissions, in the end it turned out to be very effective indeed:

In the real world, the public has mostly turned in gas-guzzlers in exchange for fuel-efficient cars — which perhaps should not have been a total surprise since oil prices are rising, gas guzzlers remain a tough resell in the used car market, and most fuel-efficient cars are much cheaper than SUVs.  So as a stimulus that saves oil while cutting CO2 for free — it has turned out to be a slam dunk, far better than I had expected.

….Let’s assume the new cars are driven nearly 20% more over the next 5 years [compared to the old cars they replace], and that the average price of gasoline over the next five years is $3.50.  Then we’re “only” saving 140 million gallons a year or roughly $500 million a year.  The $3 billion program “pays for itself” in oil savings in 6 years.  And most of that oil savings is money that would have left the country, so it is a (small) secondary stimulus.

Using a rough estimate of 25 pounds of CO2 per gallon of gas (full lifecycle emissions), then we’re saving over 1.5 million metric tons of CO2 per year — and all of the ancillary urban air pollutants from those clunkers — for free.

I wouldn’t make a habit out of supporting targeted industry programs like C4C, but it was wildly popular, provided a modest but noticeable amount of economic stimulus, and helps reduce U.S. oil consumption.  Not bad for $3 billion.

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This is a big one for us. So, as we ask you to consider supporting our team's journalism, we thought we'd slow down and check in about where Mother Jones is and where we're going after the chaotic last several years. This comparatively slow moment is also an urgent one for Mother Jones: You can read more in "Slow News Is Good News," and if you're able to, please support our team's hard-hitting journalism and help us reach our big $350,000 goal with a donation today.

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