Is Joe Biden Considering a New Stimulus for Gas? – Gas prices in the United States fell somewhat on average over the weekend, albeit not much. On Friday, the average price of gasoline fell to $4.27 per gallon, a 6 cent decrease from the record-breaking $4.33 average price set on March 11. However, for the majority of Americans, gasoline continues to cost more than the previous record of $4,10 set in 2008.
The good news is that the price of oil has fallen slightly from recent highs, albeit it continues to take a heavy toll on people’s wallets. With ambiguity over how the US would compensate for an oil shortage caused by President Joe Biden’s sanctions against Russian oil and energy, it’s unclear what the near-term outlook for crude oil prices – and thus the average cost of gas – will be.
With prices still exorbitantly high – nearly double the average price of gas in 2019 – President Joe Biden is apparently considering a new form of stimulus to alleviate millions of Americans’ misery at the pump.
The White House Considered Pre-Paid Gas Cards But Withdrew After Prices Slightly Decreased
According to Axios, the Biden administration considered mailing pre-paid gas cards to Americans across the country last week to assist lessen the pain at the pump. With millions of Americans finally returning to work as the pandemic winds down, the Biden administration has found the soaring cost of petrol to be a significant issue.
According to a House Democrat involved with the negotiations, the White House was certain the project would be far too costly, unproductive, and difficult for the IRS to manage at a time when it is already dealing with a massive backlog of tax forms.
Reduced gasoline prices, on the other hand, may have swayed the president.
According to a White House official, gas cards are “not an administratively feasible option” and are not being explored seriously by the Biden administration. The remarks come a day after the average price of gasoline fell by six cents.
Additionally, the statements come a day after reports indicated that the state-run Indian Oil Corporation purchased 3 million barrels of cheap Russian oil, thereby freeing up supplies for the United States, the United Kingdom, and Canada in the short term.
However, White House spokesman Vedant Patel stated that the Biden administration is still investigating “a variety of alternatives” to “guarantee that the expenses American families face at the pump are as low as possible.”