Big money there, and they do quite a lot with it in terms of research. But as far as the waste of fuel and pollution is concerned, it's not as if it would really matter. A couple of cars driving around for a few hours. Now compare that to the thousands of spectators who drive to those events over many miles in their cars... as they do to any other big sports event. Auto racing does not waste more fuel or produce more pollution than other sports.
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