A trio of senators introduced legislation today allowing owners of gas-guzzlers to trade their vehicles in for thousands of dollars in credit on a more fuel-efficient car.
The temporary “cash for clunkers” program would work like this: Owners of vehicles that get less than 18 miles-per-gallon would be able to turn in those cars for $2,500 to $4,500 in credit toward the purchase of a more efficient model. The gas guzzler would be scrapped, getting it off the road forever.
Sponsors of the bill — Sens. Dianne Feinstein (D-Calif.), Susan Collins (R-Maine) and Charles Schumer (D-N.Y.) — say the four-year program would retire up to one million gas guzzlers in the fourth year while saving up to 80,000 barrels of fuel per day. From Collins’ statement:
“Taking these cars and trucks off our roads and highways would help reduce our dependence on foreign oil, decrease greenhouse gas emissions, and stimulate the economy. In addition, it would help boost demand for manufacturers of newer, efficient models and bring in new business for car dealers who are struggling in the current economy.”
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