What are the chances of Joe Biden proposing a new gas-related stimulus? The average price of gasoline in the United States dipped slightly over the weekend, but not significantly. The national average price of gasoline decreased to $4.27 per gallon on Friday, down 6 cents from the record-breaking $4.33 per gallon average price set on March 11.
The majority of Americans, on the other hand, continue to pay more for gas than they did in 2008 when they paid $4.10.
The good news is that oil prices have fallen slightly from recent highs, but they continue to have a big impact on people’s wallets and savings. There is a question regarding how the United States would make up for a shortage in oil supplies as a result of President Joe Biden’s sanctions against Russian oil and energy. As a result, the immediate future of crude oil prices – and, by extension, the average cost of gas – is uncertain.
Despite continuously high gas prices – which are more than twice the national average in 2019 – President Joe Biden is reportedly mulling a new sort of stimulus to help millions of Americans avoid the misery at the pump.
According to Axios on Saturday, the Biden administration looked into the possibility of providing pre-paid gas cards to Americans across the country to help ease the pain of fueling up at the pump earlier this week. As the pandemic draws to a close, millions of Americans will return to work, and the rising expense of gasoline has been a major cause of anxiety for the Biden administration.
According to a Democratic member of Congress familiar with the conversations, the White House was convinced that the initiative would be far too costly, unproductive, and impossible for the IRS to manage at a time when the agency is already struggling with a significant backlog of tax forms.
Reduced gasoline prices, on the other hand, may have influenced the president’s choice.
Gas cards are “not an administratively practical alternative,” according to a White House statement released on Saturday, and the Biden administration is not seriously contemplating introducing them. The comments came a day after the average price of gasoline fell by six cents.
According to sources, the assertions were made just one day after suspicions revealed that the state-run Indian Oil Corporation had purchased 3 million barrels of cheap Russian oil, unleashing supply for the US, UK, and Canada shortly.
Nonetheless, White House spokesman Vedant Patel said the Biden administration is still looking into a “variety of methods” to “ensure that the costs American people are paying at the pump are as low as possible.”