Could your next check be for $240 a year or $100 a month?

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Proposals for more stimulus money are on the table.


Key points

  • Gas prices are rising rapidly across the country.
  • Some lawmakers have offered stimulus packages to help Americans meet those costs.
  • One plan might provide $100 per month and another might provide $240 per year.

Gas prices rose nationwide, with the national average gas price hitting $4.19 a gallon, up from $2.90 a gallon last year. Rising gasoline prices have wreaked havoc on household budgets, and lawmakers have taken notice.

Due to the rapidly rising cost of gas, several legislative proposals have been created that would provide financial relief. The help these plans would provide varies greatly, however, with some recovery aid suggestions looking much more generous than others.

Here’s what you need to know about two possible plans to help the public deal with high prices at the pump.

These are two proposals for stimulus checks

A stimulus package proposed by Democrats Ro Khanna and Sheldon Whitehouse is called the Windfall Oil Profits Tax.

This legislation would impose a tax on oil companies, charging them 50% of the difference between current prices and the price per barrel of oil before the pandemic. Based on current prices, this legislation would force oil companies to pay an additional tax of $45 billion.

The new tax that oil companies would pay would be split among taxpayers, with single filers receiving about $240 a year and married joint filers receiving $360 a year deposited in their bank accounts or sent by check.

While that would bring some relief, the help it offers pales in comparison to another proposal: the Gas Reimbursement Act of 2022. This law was introduced by Democratic Representatives Mike Thomas, John Larson and Lauren Underwood. It would provide $100 per month per adult and dependent for any month when average gas prices exceed $4 a gallon. Payments of $100 would be available until the end of 2022.

Will either plan come to fruition?

Both of these proposals would provide more money in your pocket, but you will need to carefully consider the likelihood of either passing and being enacted.

Currently, each of these plans has only been proposed by Democrats — they are not bipartisan. Democrats have a narrow majority in the House and Senate and it will be difficult for them to pass more stimulus legislation without Republican support.

It’s unclear whether the GOP would be willing to take steps to offer direct financial assistance in light of exorbitant gas costs. However, with no right-wing lawmakers signing Joe Biden’s latest stimulus bill in 2021, bipartisan consensus is unlikely to happen.

This means that unless the Democrats win a bigger majority after the upcoming November election, it is very possible that no additional stimulus money will come in even though there is a clear need for additional funding as gas costs are rising.

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