Anchor Intro: As fuel costs rise, so does the number of so-called gas-saving devices hitting the market. So, is there really a magical magnet that saves fuel? Can you actually run a car on water instead of gas? Bankrate.com talks to an expert who says no.
Voice over 1: Everyone wants to do what they can to lower their gas bill. Unfortunately, for many that includes buying products with outrageous claims.
Voice over 2: But there's at least one expert who's willing to go on the record and tell it like it is.
SOT: "They do one thing that might be useful: They help people remove that ugly lump in their wallet. It's called cash."
Voice over 3: James Randi is a scientific skeptic who investigates the paranormal, occult and all manner of product claims. Not only does he say most gas-saving gadgets are a scam, he's ready to put some serious money behind his words.
Voice over 4: He's publicly offered a million dollars to anyone who proves their gas-saving gadget works. He's even sent more than 40 letters to inventors. Not one took the challenge.
SOT: "Now that has to make you stop and think. If there's a million-dollar carrot hanging in front of you, and you can reach out and take a bite out of it, why wouldn't you do it?"
Voice over 5: And if you don't believe Randi, how about the EPA? The Environmental Protection Agency has tested more than a hundred gas-saving devices. Their results? Most don't work. You can read the reports yourself on the EPA Web site.
SOT: "Not substantiated, not significant, no improvement, no measurable effect, no change or improvement, no effect, no basis to support the claims."
Standup: And as for the conspiracy theory that the oil or car companies don't want gas-saving devices on the market? Bogus. On those occasions when technologies have been developed outside of Detroit, car companies have been quick to adopt them. For Bankrate.com, I'm Kristin Arnold.