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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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THE TRUTH...

is the first thing despots go after. An unwavering commitment to it is probably what draws you to Mother Jones' journalism. And as we're seeing in the US and the world around, authoritarians seek to poison the discourse and the way we relate to each other because they can't stand people coming together around a shared sense of the truth—it's a huge threat to them.

Which is also a pretty great way to describe Mother Jones' mission: People coming together around the truth to hold power accountable.

And right now, we need to raise about $400,000 from our online readers over the next two months to hit our annual goal and make good on that mission. Read more about the information war we find ourselves in and how people-powered, independent reporting can and must rise to the challenge—and please support our team's truth-telling journalism with a donation if you can right now.

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