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Transcript: Gas-saving devices a scam?

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.

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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.

Bankrate.com's corrections policy
-- Posted: Oct. 31, 2008
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