Yeah, and for every gallon of gas, 25000 gallons of air is burned! SO, if you filled your trunk with compressed air-in-a-can, it wouldn't last long.
BUT, if you could purpose-build an engine (with, say foot-thick titanium cylninders, etc) you could maybe get, well, lots of power. But then why wouldn't you just use nitro-methane, which makes lots of power, more than gas. So it could work, but why?