Gas is expensive. It’s always been an expense that Americans need to deal with but it’s now even worse. That’s because as of March 2022, the national average for gas reached an all time high of $4.17 per gallon. That beats out all the prices that Americans have ever seen (including the 2008 recession!). As gas prices skyrocket, many Americans can find themselves struggling to keep up. The government understands that people are dealing with hardship which is why they have some new proposals. Congress is proposing both stimulus checks and gas rebates. In fact, there have been three bills that have been filed that offer solutions to this issue.

What are the Three Proposals? 

With how much gas prices are rising, many people don’t understand how it can truly impact their daily lives. However, according to CBS, the cost of gas prices could cost Americans up to $2,000. Besides feeling the personal impact, there are also some bigger impacts that Americans can expect like impacts on consumer spending, the cost of airline tickets, company hiring practices, and more.

Right now nothing is set in stone for relief when it comes to the rising gas prices. However, there are three proposals that you may see in the future like:

• First Proposal: Americans Get up to $360 a Year
• Second Proposal: Families Get up to $300 a Month
• Third Proposal: A Monthly Refundable Tax Credit

First Proposal: Americans Get up to $360 a Year

There is a proposal that may be in the works which is known as the Big Oil Windfall Profits Tax Act. This act can offer Americans up to $360 a year. It can do this because it would place a per-barrel tax that’s worth 50% of the difference between the current price of an oil barrel and the 2015 to 2019 pre-pandemic average price of an oil barrel for companies that import (or produce) at least 300,000 barrels a day. The aim of this bill is to “curb profiteering” of oil companies in order to provide Americans relief.

For example, if oil was $120 per barrel, then this act could raise $45 billion. These funds could result in a quarterly rebate of:

• $240 a year for single filers
• $360 a year for joint filers

Second Proposal: Families Get up to $300 a Month

Another proposal is a bill that would offer families up to $300 every month for the remainder of 2022. However, the condition is that the national average for gas needs to stay above $4. This bill is known as the Gas Rebate Act and can offer:

• $100 for single filers that make up to $75,000
• $100 for joint filers making up to $150,000
• Up to 2 dependants $100 each

So that means a single filer with two kids or joint filers with two kids could get up to $300 a month. This bill was proposed by representatives of California, Connecticut, and Illinois.

Third Proposal: A Monthly Refundable Tax Credit

Finally, last but not least on this list is the Stop Gas Price Gouging Tax and Rebate Act. Under this act, oil companies would pay a one-time 50% windfall profit tax on any adjusted taxable income (ATI) in 2022 that’s more than 110% of their average ATI during the 2015 to 2019 pre-pandemic levels. The revenue that’s generated from this tax would be given to consumers in the form of a monthly refundable tax credit. Even though the amount that a person would get has not been specified, it will be based on the amount of revenue raised.

Are There Other Stimulus Opportunities for Rising Gas Prices?

Besides the three national proposals listed above, there are other opportunities that you want to keep in mind. As of now, California is also proposing its own stimulus payments. The governor, Gavin Newsom, proposed an $11 billion relief program. This program can help California residents handle the rising gas prices. Under this program, registered vehicle owners may be able to get $400 on up to two registered vehicles. Besides providing funds to Americans, it also proposes providing free public transit for three months! The best part? There is no income cap to this proposal.

Even though California is the only state so far to have a proposal on helping out its residents with the rising gas prices, you may benefit from keeping up with your state’s current news. That’s because your state may decide that it wants to help its residents as well! So be on the lookout for additional stimulus opportunities that may become available for your state.

Other Ways to Save on Gas

Besides benefiting from government assistance, there are still other ways that you could save on gas! The amount of gas you use is determined by a variety of different factors. Which is why people can find themselves saving on the cost of gas in more ways than they might expect! People can save on gas by:

• Benefitting from Gas Rewards Programs
• Considering the Fuel Efficiency of Their Car
• Finding the Best Places to Pump Gas
• Focusing on Their Driving Habits
• Keeping Up with Vehicle Maintenance
• Paying Gas with Cash

Bottom Line

Gas is an important part of life for many Americans. With the rising gas prices, Americans could see that they spend up to an extra $2,000. However, there are policy makers in Congress that are trying to solve this issue. There are three proposed bills which include:

• First Proposal: Americans Get up to $360 a Year
• Second Proposal: Families Get up to $300 a Month
• Third Proposal: A Monthly Refundable Tax Credit

Besides these proposals, there may be even more state assistance opportunities that pop up. For example, California proposed its own stimulus relief plan as a way to combat rising gas prices. That is why you may benefit from checking to see if your state has any options. You may be surprised to see a proposal in the works! Right now nothing is approved officially, these are all just plans. However, they may get passed which means Americans dealing with hardship could get some relief with these extra costs.