The federal government ended the stimulus program last year. However, the citizens’ living standards deteriorate due to inflation rise.
The price rise of gas and fuel has severely impacted the average income individuals. The Democrats are concerned about the people, and they have called upon the government to introduce stimulus checks.
Abc10 reports that the democrats have made three proposals for direct payments. The reports say that relief might be similar to the $1,400 COVID-19 stimulus checks. Millions of Americans will benefit from the stimulus payments. Recent market instability has worsened the economic situation of the country.
Gas prices have increased constantly
Abc10 reports that the national daily average has exceeded $4 per gallon for the past couple of weeks. The reports predict a further rise in gas prices shortly. The distorted supply chain is the primary reason for the price surge. Inflation has been highest in the past four decades, and the high costs of several essential commodities have made survival difficult. AAA reports that the crude oil’s prices have witnessed a slight downfall; this might be due to a change in driving habits. Individuals need to reduce fuel consumption to balance the demand and supply of crude oil.
Energy rebate will be effective from the end of the year
Abc10 reports that Rebs. Mike Thompson of California, John Larson of Connecticut, and Lauren Underwood of Illinois have proposed a $100 energy rebate to the Americans. Couples will receive $200 per month and an additional $100 per dependent. The reports say that beneficiaries might receive the energy rebates by the year’s end.
Abc10 quoted Rep. Peter DeFazio, who said, “Big Oil will pay 50 percent windfall profit tax on any adjusted taxable income (ATI) in 2022 that exceeds 110 percent of their average. ATI during pre-pandemic levels between 2015-2019.
” Individuals will receive based on the amount raised.
Additional taxation will impact the big oil companies producing at least 300,000 barrels per day. The smaller oil producers will not witness a significant impact.
Abc10 reports that Brent, the international standard for crude oil, increased to $118.54 on Monday. The price will likely increase in the upcoming months, posing a challenge for the oil producers and customers.