It’s no secret that inflation has resulted in a general rise in living costs. However, while consumers are contending with escalating costs across the board, they are particularly feeling the strain at the pump.

Since the start of the Ukraine conflict, gas prices have increased dramatically. That is putting a strain on numerous consumers who were already having difficulty keeping up with their bills.

But soon, assistance in covering gas expenses may be on the way. And it might save a lot of people a lot of worry and money.

Could a new stimulus check be forthcoming?

In 2020 and 2021, Congress sent three rounds of stimulus payments to Americans’ bank accounts, which acted as a lifeline during the recession. A group of Congressional Democrats has now submitted a new stimulus plan to assist Americans with the increasing cost of gasoline.

The Gas Rebate Act of 2022 is a bill that would offer $100 per person, per month in 2022 for any month when the national average price for gas exceeds $4. The legislation also calls for an extra $100 per dependent, which means a family of four may be eligible for up to $400.

Not everyone would qualify for an energy rebate. Rather, eligibility will be comparable to that of the most recent stimulus payment cycle.

Single taxpayers earning less than $75,000 would qualify for a full $100 gasoline stimulus check, and that benefit would be phased out at earnings of $80,000 for married couples. For couples filing jointly, those with incomes below $150,000 would receive the entire $100 gas stimulus, and it would taper off at earnings of $160,000.

There’s currently no information on how the payments would be dispersed. To be honest, it’s quite possible that this energy rebate will not happen.

Even with today’s high gasoline costs, lawmakers have been hesitant to offer stimulus aid because the economy is improving. As a result, they might not be as enthusiastic about distributing an energy rebate as they would be in a recessionary period.

How to cope with rising gas prices

If you’re having trouble covering your gas expenditures, there may be some adjustments that you can make to how you drive. It’s possible that scheduling out your errands more strategically might help. Perhaps you could organize a carpool with your coworkers so that you can split the cost of commuting to and from work.

Make sure you’re using a credit card that provides a substantial amount of cash back when purchasing gas. For example, some cards give 3% back at the pump, so if yours only gives 1%, you might want to apply for a new card.

Unfortunately, we may be in for a lot more months of extremely high gasoline expenses. Despite lawmakers’ efforts, we cannot expect a stimulus payment to assist us with those expenditures. The best that most people can do is plan how they drive and try to maximize savings by using the appropriate credit cards.

Author: Blake Ambrose

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