Stimulus Payments to Compensate for Rising Gasoline Prices? This Is How It Could Occur.

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A group of Democratic lawmakers wants to lessen the load on American motorists who are facing increased gas costs by providing another round of stimulus checks.

Reps. Mike Thompson of California, John Larson of Connecticut, and Lauren Underwood of Illinois are co-sponsoring legislation that would permit $100 monthly energy reimbursements for any month this year when the national average gas price exceeds $4 per gallon.

According to the American Automobile Association, the national average petrol price was recently $4.24 per gallon.

The Gas Rebate Act of 2022 would provide the same monthly rebate to each dependent as well.

The bill would function in the same way as the stimulus checks that were distributed to Americans during the early phases of the coronavirus pandemic.

Singles earning less than $75,000 per year would receive the full $100 rebate, while checks for those earning up to $80,000 per year would be phased out. Joint filers earning less than $150,000 would be eligible for the rebate, which would phase out at $160,000.

 

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The federal government may soon give stimulus checks to Americans who are suffering from rising gas prices.

House Rep. Mike Thompson, a Democrat from California, is co-sponsoring legislation that would provide motorists with monthly $100 reimbursements if the national average gas price hits $4 per gallon.
Rep. Mike Thompson is a co-sponsor of legislation that would provide monthly $100 reimbursements when the national average gas price exceeds $4 per gallon.

“Americans are experiencing the impact of Vladimir Putin’s illegal invasion of Ukraine at the pump right now, and we must collaborate on practical policy measures to lessen the financial burden that my people are feeling,” Thompson said.

Republicans have also offered methods to put money back into Americans’ pockets, such as gas tax exemptions. Maryland and Georgia, both Republican-controlled states, have temporarily suspended their gas taxes.

Drivers in Georgia and Maryland received much-needed respite last Friday when lawmakers in both states suspended the taxes.

Maryland was the first to act, suspending its gas tax for 30 days until April 16, according to Gov. Larry Hogan on Twitter.

According to CNN, drivers in the Old Line State will temporarily save $0.36 per gallon of gas and $0.37 per gallon of diesel after prices jumped by more than $0.40 in one week to an average of $3.85.

Georgia’s gas tax has been repealed through May 31, saving drivers $0.29 per gallon on gas and $0.32 per gallon on diesel, according to the governor’s office.

Reps. Ro Khanna of California and Sheldon Whitehouse of Rhode Island, both Democrats, have proposed a quarterly reimbursement to customers based on a tax collected on gas and oil firms.

According to a statement, the Big Oil Windfall Profits Tax would collect 50% of the difference between the current price of a barrel of oil and its pre-pandemic average price between 2015 and 2019.

The rise in energy prices, exacerbated by Russia’s ongoing invasion of Ukraine, has resulted in higher gas prices for Americans.

 

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The national average was $3.54 per gallon a month ago. Americans were spending an average of $2.88 per gallon a year ago. According to the AAA, gas prices recently averaged $4.24 a gallon at stations across the United States.

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