With gas prices soaring across the country, lawmakers are considering a slew of plans to aid Americans, ranging from $400 stimulus checks for all California taxpayers to imposing windfall taxes on oil firms to a sliding scale of payments that could net families $300 per month.
Due to internal inflation and the impact of Vladimir Putin’s conflict in Ukraine, the average cost of a gallon has surpassed $4.
According to the AAA Petrol Price Index, the average price of a gallon of normal gas in Los Angeles touched a new high of $6.011 this week, despite the national average continuing to fall somewhat from its all-time high earlier this month.
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If the price of a gallon of gas continues above $4, a new law was proposed by Mike Thompson (D-California), Lauren Underwood (D-Illinois), and John Larson (D-Connecticut) may save some families $300 each month.
Their approach is based on the COVID economic impact payments model, which provides $100 for single filers earning less than $75,000 and $100 for each dependant. It’s just one among a slew of suggestions that have lately surfaced.
Democratic politicians in California propose a $400 stimulus check for taxpayers, which would cost $9 billion from the state’s budget surplus and be equal to the average annual gas tax paid by citizens. California, with its stringent rules and higher-than-average state gas taxes, has the highest gasoline costs in the country.
After Russia’s invasion of Ukraine disrupted global oil markets, this pattern has persisted in subsequent weeks. Although crude oil prices have dropped by nearly $20 from their peak earlier this month, California gas prices have continued to increase.
The Democrats’ stimulus check idea drew a swift rebuke from Republicans. They recommended that the federal government should focus on combating rising prices and increasing domestic fuel production.
Meanwhile, the majority of Americans blame President Joe Biden for the recent rise in petrol prices, a worrying statistic for Democrats ahead of the midterm elections, and a hint that the administration’s attempt to shift blame to Vladimir Putin is failing.