In the Face of Rising Oil Prices, Americans Are Looking for Federal Stimulus Checks

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The rise in inflation has lowered the living conditions of middle and low-income Americans in recent months. The current rate of inflation is the greatest since 1982, and it has had an impact on the oil business. By the end of January, the inflation rate had reached 7.5 percent; the unmanageable price growth is a warning sign for the country’s economy. Families are unable to meet their basic needs, and transportation has become pricey due to the surge in gasoline prices. According to CNN, petrol prices reached $4.25 on Wednesday, a two-fold rise from the previous year. The federal government must actively intervene in the oil and gas sector.

Following the Russian invasion, prices have risen even higher.

According to CNN, inflation has increased the average household’s spending by $276. The repercussions from the Russia-Ukraine crisis have fueled the market, and spending is set to soar to previously unfathomable heights. The increase in transportation fares will affect most market products as oil prices rise. In the future, millions more low- and middle-income families will suffer.

stimulus check & Federal Stimulus Checks & Americans (1)
In the Face of Rising Oil Prices, Americans Are Looking for Federal Stimulus Checks

Citizens in the United States expect the federal government to provide financial assistance in the form of stimulus payments. The current economic condition, however, restricts national resources. Families pay for gasoline and other necessities, but often lack the financial resources to pay for their children’s education and other expenses.

The federal government is confronted with a major problem.

The federal government must act quickly since the US economy has yet to recover from the pandemic, and inflation has added insult to injury. The federal government must establish a financial assistance scheme to assist residents in surviving. The federal government has issued three stimulus checks since the outbreak began, with no indication that more will be released. The stimulus payments aided the recovery of millions of low-income households and individuals.

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According to CNN, the federal stimulus package aided families with incomes below 80% of the national median. However, the majority of these households are now experiencing financial hardship as a result of the price increase. Several legislators have proposed that Congress give $1,100 per household for a few months to help with the current economic situation. Economists anticipate that prices will continue to rise shortly.

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