Earlier this month, gas prices surged to an all-time high, causing Americans to face soaring inflation.
According to CBSnews, several lawmakers are now advocating that the federal government offer stimulus payments or rebate checks to ease the pain at the pump.
As long as the nation’s average gas price exceeds $4 a gallon, families with two children could receive $300 per month according to a new bill proposed by Representatives Mike Thompson of California, John Larson of Connecticut, and Lauren Underwood of Illinois. Each of the three lawmakers is a Democrat.
AAA reports that the average gas price in California was $5.87 per gallon on Wednesday, the highest in the country.
With all consideration, the recent spike in gas prices could cause American consumers to incur additional costs of $2,000 this year.
Several consumers report reducing their spending or driving less because of sticker shock at the pump.
For Families, $300 A Month
Thomson, Larson, and Underwood’s proposed Gas Rebate Act would provide $100 rebates on energy purchases each month.
As long as the national average gas price exceeds $4 a gallon during any given month, that refund would kick in for the remainder of 2022.
Family Rebates Of $360 Annually
Another proposal from Rep. Ro Khanna of California and Sen. Sheldon Whitehouse of Rhode Island would provide consumers with a rebate every quarter on taxes collected from oil and gas companies.
Those supporting the Big Oil Windfall Profits Tax have proposed levying a tax equal to 50% of the difference between current oil prices and pre-pandemic average prices between 2015 and 2019.
Oil Industry-related Rebates
Representative Peter DeFazio, D-Oregon, proposed creating a rebate on oil company profits in his third proposal. The plan is based on taxing this year’s profits from oil and gas companies. H it’s unclear how much Americans would receive.
“My legislation would tax Big Oil’s excess profits in 2022 and return the revenue back to Americans,” DeFazio said while introducing the Stop Gas Price Gouging Tax and Rebate Act.