Sunday, August 16, 2009

'Clunkers' program is costly way to cut carbon

University of California, Davis
August 14, 2009


New UC Davis estimates say the federal government's Cash for Clunkers
program is paying at least 10 times the "sticker price" to reduce
emissions of the greenhouse gas carbon dioxide.

While carbon credits are projected to sell in the U.S. for about $28
per ton (today's price in Europe was $20), even the best-case
calculation of the cost of the clunkers rebate is $237 per ton, said
UC Davis transportation economist Christopher Knittel.

"When burned, a gallon of gasoline creates roughly 20 pounds of
carbon dioxide. I combined that known value with an average rebate of
$4,200 and a range of assumptions about the fuel economy of the new
vehicles purchased and how long the clunkers would have been on the
road if not for the program," Knittel said. "I even assumed drivers
didn't change their habits, although some ......

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