Checks for Gas Price Stimulus? Legislators Are Thinking About Pump Relief?

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Stimulus payments to aid in the reduction of gasoline prices?

Legislators have proposed a variety of various measures aimed at providing respite at the pump as record-high gas prices take a toll on drivers’ wallets.

While the Biden administration briefly contemplated issuing gas cards via the IRS, House Democrats have proposed options modeled after successful epidemic relief programs such as stimulus cheques and the advance child tax credit.

According to AAA’s gas price tracker, the national average price for a gallon of normal gas was $4.24 on March 22. Indiana’s average price is around 9 cents less than the national average of $4.15, placing it in the middle of the pack among the United States states.

Delta has announced that ticket prices will increase by between 5% and 10% in response to the recent hike in oil prices.
Indiana’s average price is lower than a week earlier, AAA reports, citing a decline in crude oil prices as the reason. However, prices remain high; the average price last month was $3.36, compared to roughly $2.69 a year ago.

With this in mind, politicians are considering methods to assist struggling American families.

Reps. Mike Thompson of California, John Larson of Connecticut, and Lauren Underwood of Illinois are proposing a $100 monthly energy rebate for individuals or $200 monthly for couples, based on similar criteria to those used for stimulus cheques. The idea would add $100 for each dependent and would be paid to families for each month in which the national average price of gasoline hits $4 per gallon.

Individuals earning up to $75,000 per year or married couples filing jointly earning up to $150,000. The Gas Rebate Act would remain in effect until the end of 2022.

gas stimulus check

Two other plans are reliant on oil company earnings.

Rep. Peter DeFazio of Oregon’s Stop Gas Price Gouging Tax and Rebate Act provides for a monthly tax credit for families. The funds would be raised through a one-time tax on oil firms.

Big Oil will pay a one-time, 50% windfall profit tax on any adjusted taxable income (ATI) in 2022 that exceeds 110 percent of its average ATI from 2015 to 2019.

Eligibility would be based on the same criteria as for the stimulus checks program. How much money Americans receive would be determined by the amount of money produced through oil company taxes. DeFazio stated that the measure is aimed at huge energy companies.

It is similar to a previous plan by California Rep. Ro Khanna and Rhode Island U.S. Sen. Sheldon Whitehouse, which calls for a quarterly rebate funded by oil company taxes:

The Big Oil Windfall Profits Tax would provide guaranteed relief to consumers while preserving American competitiveness and easing inflationary pressures by targeting corporate profits. According to the Khanna/Whitehouse bill, large oil companies that produce or import at least 300,000 barrels of oil per day (or did so in 2019) will be required to pay a per-barrel tax equal to 50% of the difference between the current price of a barrel of oil and the pre-pandemic average price per barrel between 2015 and 2019, a period during which large oil companies were already profitable. To create a level playing field, the quarterly tax will be applied to both locally produced and imported barrels of oil.

 

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Khanna predicted that single taxpayers would earn approximately $240 per year based on a $120 per barrel oil price, while joint filers would receive approximately $360 per year.

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