Gas stimulus checks and gas vouchers, the latest updates, and a pretty big announcement coming from the President today. Let’s get into it and discuss all the details. and I’m very much dedicated to you and this community to bring you all the latest updates and to do all the research on your behalf so that you don’t need to. And I break it down into these short topics so you can get the latest details hot off the wire each and every day as this information is being released.
All right, So over the last few weeks here, we’ve seen multiple proposals hitting the table to send out monthly checks, quarterly checks, a one-time stimulus check, voucher programs, as well as all of these other ways that have been introduced to help lower the prices of gas during this rapidly rising phase that we’re in right now. Now, we’ve also seen discussions about removing the federal gas tax, which is 18.4 cents per gallon.
And we’ve also seen a handful of different States out there discussing removing the state gas tax as well. Now, again, that ranges between all the different States. It could be anywhere between about $0.20 all the way up to nearly $0.60 per gallon. So these are some of the discussions that are going on out there right now. However, I do want to break this down for you, let you know the latest updates which of these programs look a little bit promising.
Also, I want to talk about a major announcement coming out of the President today, as well as I want to talk about some of these programs that are not going to be happening in any way, shape or form. So let’s run through these all one at a time here really quickly. All right. So first off, the first program that we received a few weeks ago was this voucher program. Remember that one?
We talked about it in a couple of videos. Basically, a few people came out with this great idea saying, let’s establish a voucher program. Basically, we’d be sending out vouchers to anybody with an income under $75,000 as an individual or $150,000 as a married couple. They’d be getting vouchers on an ongoing monthly basis up to $300 worth. And they can go out and spend it on gas to fill up their cars.
Well, even though it sounds like a fun, cool, kind of cute idea where all of us could be getting these vouchers and we could go redeem it for gas at the same time, shortly after that proposal came out, a lot of people came out and said no, it’s a fun idea, but at the end of the day, it is not going to happen. This is a very inefficient way to get money into the pockets of the people. And that idea was pretty much dismissed almost immediately. So the likelihood of a voucher program happening is probably zero at this point. Right.
So I just want to let you know, when it comes to the voucher program, don’t count on that one. It’s probably not happening. According to my research and everything that everybody is seeing right now, the likelihood of a voucher program is probably not happening at all. So kind of a cool idea, but at the same time not feasible in any way, shape, or form. Also shortly thereafter, we did get another proposal from a small handful of representatives who came out and wanted to tax big oil companies Additionally by a 50% tax and then take that money and shuffle it back to the people who once again are the low income to help offset rapidly rising gas prices.
Now, with this proposal, it was going to be $240 to $360 through the course of the entire year, but distributed on a quarterly basis. Well, if you run the math on that, it’s not that much money, right? So it did not come up to that much money on a monthly basis. It was only a few dollars, even a quarterly basis, what is it, $60? It’s not that much.
So the point is that proposal, once again, just like the voucher program came out, sounded pretty cool. But at the end of the day, it’s just not going to make it. It’s just not going to do much for the people. And realistically, it’s not going to make its way through Congress because there’s a lot of people out there in Congress who are going to say taxing big oil companies at a 50% tax rate is just not going to happen. They’re not going to do it.
So when it comes to that program, I would say once again, I wouldn’t count on that whatsoever. All right. So next, there was another proposal that came out talking about a one time $1,100 stimulus check. Now this one, to be totally honest with you, it came out sounded pretty cool, right? I think a lot of us are probably crossing our fingers thinking, hey, I’ll take $1100 these days in a direct stimulus check.
That would be the best way to get money into the pockets of the people. We’ve seen this before. Over the last couple of years here, we’ve received three stimulus checks. And time and time again, the administration, the treasury, the IRS, literally every institution out there, the agencies, they basically come out and say, hey, this is kind of a cool idea. We sent out money, we got into the pockets of the people relatively quickly, and this is the best way to help stimulate the economy.
And this is the best way to get money into the pockets of the people. Well, shortly after this proposal came out, it kind of disappeared. I haven’t really seen anything about it in a couple of weeks now. So it came out. There was some talk about it.
It seemed pretty cool. It probably realistically seemed like the best proposal of them all, a one-time lump sum payment of $1100 and then just kind of disappeared into the ether and that’s it. Where did it go? I don’t know, but haven’t seen anything about it as of recently. So again, when it comes to that one, realistically at this point, unless they revive it or bring it back again, probably thinking that one’s probably gone.
Now. The next one that I have to say is probably the most promising program I’ve seen. Some more updates on this one as of recently, is this new proposal that is coming out of a handful of representatives once again calling on a monthly stimulus check to go out once again to the low income, $75,000 as an individual and $150,000 as a married couple, an ongoing $100 check per individual, $200 as a married couple, and up to $300 if you have a dependent under the age 18. So again, this is kind of a cool program, and this one would go on for many more months to come, provided that the gas prices are over $4 per gallon as a national average. Quick side note, as of just a couple of days ago, on Tuesday, the national average of one gallon of gas is still four-point $24, which is down only $0.09 from the record of four-point $33 set back on March 11.
So as you can see here, oil prices have gone down substantially, but yet at the same time, gas prices have only gone down $0.09. So interesting right now, let’s quickly talk about a new announcement out of the President that’s going to be happening today. Now, I have to say this much. According to what I’ve been researching on this, they said the announcement could be coming as early as today. So we’ll have to see if Biden comes out and announces this or if he waits a little bit.
But it’s been all over the headlines today so far, and I want to let you know what is going on. So late yesterday evening, the news broke on this, by the way, it was pretty late. I had no plans on making another topic as of last night. By the time I saw this, it was already pretty late. And I’m imagining many people are probably sleeping by then.
I should have been, but I wasn’t anyway. So the whole deal here is the President is going to be coming out as early as today, announcing the release of 1 million barrels of oil from the strategic reserves every day for the next six months. So that all translates out into 180,000,000 barrels of oil, a million barrels a day for the next six months, 180 days, or 182 ish days. Right. Which would be six months.
It would translate into about 180,000,000 barrels of oil that would be released from the strategic reserves. Now, their idea behind this is this is going to lower gas prices. We’ve been down this road before and it doesn’t really do anything to the gas prices. Right. We saw the 50 million barrels that were released late last year.
We saw the 30 million barrels that were released about a month ago, a month and a half ago or so, about five weeks ago. Again, did it do anything to gas prices? Well, not sure what you’re seeing in your area, but according to the national average, it’s only gone down $0.09. So to me, it would seem like it’s probably not doing much. But anyway, this is their new plan going forward.
Now, as of March 25, again, according to my research, they said that the strategic reserves still have 568,000,000 barrels of oil within them. However, when they go in and they start releasing 180,000,000 barrels over the next six months or so, that’s going to take the reserves from 568, provided nothing else goes into it, which I can’t imagine more would be considering prices are so high, why would they buy it and then put it in there at these high prices? Just seems weird. But this is going to lower the stockpile from about 568 down to about 380. Well, that’s kind of really kind of low, right.
Considering the stockpiles hold over 700 million barrels. So we’d be down to about half of the amount of reserves that we can actually hold right here in the country. Here’s what’s interesting about it. What happens in the event that we actually get into a real crisis? I’m not talking like what we’re going through right now.
Don’t get me wrong, it’s a tough time out there right now for a lot of people and it’s kind of a bad situation. But what I’m saying is what happens if we get into a real like a real big crisis here in the country? We’ve already short-stacked ourselves when it comes to the oil reserves, I don’t know. Is this the best approach going forward? I don’t know.
Again, I’m not the expert on this stuff. It just seems me logically thinking through this. I just feel like, I don’t know, we might be putting ourselves into a little bit of a precarious position in the United States, drawing our reserves down that much. But again, what do I know? I’m just some random dude on the Internet.
Right. Anyway, these are the updates that I have for you as of right now when it comes to these monthly stimulus checks. Honestly, when it comes to this $100 not voucher, when it comes to this $100 check program per individual and up to $200 for a married couple and $300, provided you have a dependent under the age 18, to me, honestly, this one continues to come up and it looks pretty promising so of course nothing is approved yet. It would still need to make its way through Congress but considering everything going on right now, this is the one that seems to me like the most promising out of all of them and this is the one that still hangs around in the headlines. I’ve still seen it popping up almost every day.