The U.S. government's “Cash for Clunkers” program that ends Monday has been paying at least 10 times the “sticker price” to reduce carbon-dioxide emissions than is necessary, a University of California at Davis economist says. U.C. Transportation Economist Christopher Knittel says although carbon credits are projected to sell in the U.S. for about $28 a ton, even the best-case calculation of the cost of the clunkers program is $237 a ton. “When burned, a gallon of gasoline creates ...

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