It’s no secret that inflation has driven up the cost of living in general. While customers are dealing with sky-high prices across the board, they are particularly hurting at the gas pump.
The price of gas has risen dramatically since the commencement of the Ukraine crisis. This will put a strain on many customers who are already struggling to make ends meet.
Read more: Is Your Tax Refund Enough to Protect You From Inflation?
However, assistance in covering the expense of petrol may be on the way soon. And it has the potential to save many consumers a lot of money.
Is it possible that a new stimulus package will be unveiled soon?
Three waves of stimulus payments were issued to Americans’ bank accounts in 2020 and 2021, and the cheques served as a lifeline at a time when the economy was sluggish. Now, a bipartisan group of Democrats in Congress is proposing a new stimulus plan to help Americans cope with soaring gas prices.
The Gas Rebate Act of 2022 proposes a $100 per person, per month energy rebate in 2022 for every month in which the national average cost per gallon exceeds $4. The law also includes an additional $100 per dependent, for a total of $400 for a family of four.
To be clear, an energy refund would not be available to everyone. Instead, eligibility would be the same as it was during the most recent stimulus check round.
As a result, single taxpayers earning less than $75,000 would be eligible for the entire $100 gas stimulus, which would phase off at $80,000 in earnings. Joint filers earning less than $150,000 would receive the entire $100 gas stimulus, which would taper out at $160,000 in earnings.
So far, there’s been little information on how the payouts will be distributed. To be fair, there’s a good probability that this energy rebate will never be implemented.
Because of the better economy, lawmakers have been reticent to provide stimulus money. Even with today’s high gas prices, they may not be quick to send out an energy rebate.
What can be done about rising gas prices?
If you’re having trouble covering your gas expenses, it might be worth changing your driving habits. That could imply a more strategic approach to your errands. Perhaps you could organize a carpool with your coworkers to share the cost of getting to and from work.
It’s also a good idea to use a credit card that gives you a lot of cashback when you buy petrol. Some cards, for example, give you 3% back at the pump, so if yours only gives you 1%, you might want to apply for a new one.
Unfortunately, we may be facing many more months of exorbitant petrol prices. We can’t expect a stimulus payment to help offset those expenditures, despite Congress’ best efforts. The best most consumers can do is the plan when it comes to driving and try to save as much money as possible by using the correct credit cards.