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Representative Mike Thompson (D-CA-05) introduced a bill to the House Ways and Means Committee on March 17 that proposes paying people $100 per month when the average price of gasoline is above $4.00. Representatives John B. Larson (D-CT-01) and Lauren Underwood (D-IL-14) co-sponsored the bill.
That Congress.gov . website do not yet have the full text of the bill as of this writing because the Government Publishing Office does not yet have this information. However, we have a title for HR 7143: “To provide energy rebates to individual taxpayers, and for other purposes.” Rep. Thompson calls it the Gas Rebate Act of 2022.
Based on press release from Rep. Thompson, single filers who earn less than $75,000 per year will receive $100 per month. People between $75,000 and $80,000 will receive the lower amount.
In addition, people who merge files and earn less than $150,000 will also receive $100 per month. People who earn between $150,000 and $160,000 will earn less money each month.
In addition, people who qualify for the program will receive another $100 for each of their dependents.
AAA lists current average prices for a gallon of regular gasoline in the US at $4,242 for March 22. This compares with an average of $4,316 a week ago and an average of $3,531 a month ago. Meanwhile, US Energy Information Administration lists the average price of regular gas at $4,239 per gallon on March 21. On March 14, the figures were $4,315 per gallon and $4,102 per gallon for March 7.
Many places have seen higher gas prices. In California, where Thompson is a Representative, there are reports of fuel premiums reaching over $6.00 per gallon.
To be clear, HR 7143 is still in the early process of becoming a law. Still have to go through the committee and then to the floor of the DPR for voting. There is also a similar process in the Senate. All that is needed before it goes to President Biden’s desk.
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