Gas Price News: How Much Is Proposed?

recession Stimulus Check
Stimulus Check

According to AAA, average national gas prices have decreased significantly as of mid-July, going from their record level of only about $5 in June 2022 to a current price of $4.67. This compares to the record high of – nearly $5 in June 2022. Despite the fact that heightened demand was brought on by holiday week travel and summer getaways, the market experienced a decrease. However, many people in the United States are still having trouble paying for gas while also juggling other bills because they have not received any stimulus funds.

Gas Price Update: Revenue Would Go Back To Payers

Taxpayers with an annual income of less than $75,000 (or $150,000 joint filers) would receive a gas price refund from the government in the form of quarterly payments to help alleviate a portion of the ongoing financial strain caused by rising gas prices. According to the estimates provided by the congresspeople, single filers would receive approximately $240 per year, while joint filers might receive approximately $360 annually. 

In the meantime, a number of states have already adopted a gas tax holiday or are in the process of working toward establishing one in order to provide some respite from the high prices of petrol this summer. According to GOBankingRates, President Joe Biden was also still exploring a federal fuel tax holiday as late as the middle of June. Such a move might save Americans up to 18 cents per gallon and be considered by the president.

You can also utilize an app such as GasBuddy to locate the gas stations with the lowest prices in your immediate area or, if you are going on a road trip, along the route you plan to take.

If you are planning a trip across the country, you should visit the website to research the average price of petrol in each state and determine whether or not you can time your fuel stops in places where the price of gas is less.