With gas prices hitting an all-time high, a couple of proposals have floated around Congress that could offer some relief to drivers.
The city of Los Angeles on Tuesday (3/22) became the first major city in the U.S. to reach an average gas price of $6 or more. According to GasBuddy, the national average gas price in the U.S. is beginning to decline since its peak of $4.35 per gallon on March 10. But prices are still higher than usual.
Families with two children could get as much as $300 per month as long as the nation’s average gas price exceeds $4 a gallon, according to one new bill – the Gas Rebate Act – proposed by Reps. Mike Thompson of California, John Larson of Connecticut, and Lauren Underwood of Illinois, according to CBS News.
Thompson said in a press release, “Americans are feeling the impact at the pump of Vladimir Putin’s illegal invasion of Ukraine, and right now, we must work together on commonsense policy solutions to ease the financial burden that my constituents are feeling.”
He added, “The Putin Price Hike is putting strain on our economy, and I am proud to be working with Reps. Larson and Underwood to introduce this legislation to provide middle-class Americans with monthly payments to ease the financial burden of this global crises.”
The rebate follows the same phaseout as the most recent Economic Impact Payments (EIPs), where $100 will be given for single filers earning less than $75,000 and phased out to $80,000. The other part includes $100 for joint filers more than $150,000 and phased out at $160,000.