Monthly stimulus checks? Are they having a comeback? And what is this discussion about back pay? I have all the details and everything you need to know right here on this topic.
Alright, So at this point, I think all of us are very aware of all these different programs out there right now to send out a one-time stimulus check or monthly recurring payments to what they’re determining as the low income, which by the way, they determine the low income as an individual earning under $75,000 a year or a married couple with an annual income under $150,000 per year. Now honestly, that seems like a very high threshold to determine somebody as low income. But again, these are the thresholds that they put in place. So we’ve got to run with it.
Now in this topic, I do want to talk about the discussion and the comeback of monthly checks, as well as this talk about back pay with monthly checks, as well as all the latest updates and where we currently stand. Things are changing very, very rapidly right now. And as your one and only daily advocate, I am very much dedicated to you and this community to continue doing all the research, breaking it all down into these short topics so that you can stay updated every single day with all this new information as it is hitting the wire.
All right. So I do want to talk about some of these different programs. Now, to be honest with you, there are so many different programs out there right now. There’s no possible way that I could talk about all of them in the shortest amount of time possible right here in this topic. Therefore, I do want to talk about some of these. However, just to be totally clear, we are not talking about programs on the state level. If we wanted to do that, we’d be sitting here all day talking about different programs on the state level right now simply because there are a lot of States out there and there are multiple different programs, many of which have multiple programs within each state.
So I do want to talk about these other programs that are actually on a nationwide level which would actually encompass everybody across the entire United States. These are the programs that we want to focus on because they encompass everybody. Now, don’t get me wrong. The state programs that are currently out there now and the state programs that will be popping up here over the coming weeks, days, and months of course. Yeah, we certainly want to watch those as well, because that will ultimately impact some people.
But the federal programs, the ones that are all-encompassing across the entire United States, the nationwide programs, these are the good ones. These are the big ones because this includes literally everybody. All right, So let’s talk about this. So first off, I quickly want to talk about some of the most promising proposals that are out there as of right now.
Now, remember about two months ago, actually a little bit less than two months ago, back in early March, there were multiple different proposals that hit the table as gas prices started to move significantly higher, very, very fast. Do you remember that? I was back pretty much every single day saying, wow, look at that. Gas prices are up another nickel, another dime on a national average every single day for a while there for maybe a week, week and a half or so, maybe even two weeks or so time, there were gas prices going basically through the roof, and they ultimately topped out at a national average of four-point $33 per gallon. Well, during that same time, we got multiple different proposals that were hitting the table as far as sending out either a one-time stimulus check, an ongoing monthly check, voucher programs, rebates, all kinds of different things.
Now, for the vast majority of those programs, they’re pretty much all gone. For the vast majority of them, however, there are a couple of these that are still hanging on. For example, the rebate programs and the voucher programs, those are gone. Those are not coming back, Okay.
The one-time check that we talked about back then of $1200, remember that one again? Unfortunately, that one is probably gone. However, there is a program or two here that actually are still promising and they’re all still hanging around. Still hanging around. So I want to talk about these details for you on this topic.
And I also want to talk about this discussion about potential back pay. Yeah. Because as of right now, based on the current reports and everything out there right now, they still owe us a few hundred dollars because the prices and everything that we’re looking at as of right now are still above the thresholds that they’ve determined. So let’s talk about this and see what is this actually talking about in regards to back pay? And is this something that may actually happen?
So let’s discuss where we currently stand as of right now. So about two months ago, again, I think it was more like about seven weeks ago. I think we’re about a week shy of maybe two months time. But around two months ago or so, with all these proposals that were introduced, there was also one of them introduced, called the Tax Rebate Act of 2022, introduced by a small group of Democratic lawmakers. Now, they came out with this proposal, and as I said, for quite a while now.
Shortly after this one was introduced, along with all the others sitting side by side, I was saying, hey, check this one out. This one is by far the most promising of all the programs. Well, sure enough, out of all of these, pretty much all of them have disappeared, except for this one that is still hanging around Congress. So I want to tell you the details on this one. This is the one that actually would send out an ongoing monthly check for every adult, $100 for an individual, $200 for a married couple, and an additional $100 per dependent, up to three dependents.
Now, this would be an on an ongoing monthly basis as far as monthly checks again, focused on those people with an income $75,000 as an individual or $150,000 as a married couple. Now here’s the thing. The caveat behind this is these checks would continue going out provided the national average of one gallon of gas remains above $4 a gallon. We’ll check this out. So way back, I believe it was on March 24.
I could be off by a couple of days, but I believe it was on March 24 or thereabout, give or take a couple of days, the national average of one gallon of gas hit four point $0.33 per gallon. Now, here’s where we currently stand. Now, prices have been inching a little tiny, teeny bit lower over the last several weeks. Now, we bottomed out a couple of days ago around four point $0.10. Again, I saw a couple of different reports out there, but we bottomed out right around the four point $0.10 per gallon range.
So basically, from the highest down to where we bottomed, it was basically a range of about $0.23, not that much right. Don’t get me wrong, every Penny is very important right now, but at the end of the day, that’s not really that much, considering prices on oil, we’re at $130 plus per barrel, and then they bottomed out at below $100, about $95 a barrel, just not that long ago. So you can see here how the spread just simply doesn’t really make sense here. But anyway, so now we are inching our way back up. Just in the last few days here, we’ve gone up another about $0.04 a gallon just in the last couple of days.
So as of right now, the national average of one gallon of gas is four-point $0.16. So we’re inch on our way back up and we’re not that far once again from where we topped out a month and a half or so ago at that record high of four-point $33, we’re only about $0.17 off of that high as of right now, if my mental math is correct and I believe it is anyway. So as we continue to answer our way back, we never actually went below $4 a gallon as far as the national average. We never went below that. We got kind of close within about a dime or so But still, we did not fall below that four-dollar threshold. Now, one more thing that’s interesting, and I just want to throw this out there. Remember about what was it maybe a month or so ago? Again, I could be off by a week or two. But about a month or so ago, the President came out and announced that they’re going to be releasing on average, 1 million barrels of oil from the strategic reserves every single day for six months.
So basically, starting about a month ago, all the way until October, they’re going to be releasing on average 1 million barrels of oil every single day. And they had this great idea and saying this is going to lower gas prices. Have they lower gas prices? Just saying, again, not here to take sides, not here to make political statements. I’m just saying it did this lower gas prices significantly.
Now, maybe something is still to come here, but based on the national averages and what we’re seeing here, it does not appear that it has much of an effect at all. Maybe lower gas prices, maybe a little bit, maybe a dime, maybe a nickel, maybe something like that. But for the most part, gas prices are moving their way right back up. Now, here’s what also is interesting. Just in a matter of a couple of weeks now, we have the unofficial kick-off to summer, right?
That’s what they call it anyway, Memorial Day weekend. Now, this is kind of the long three day weekend that many people determine as the unofficial kickoff, the summer, where a lot of people start driving, going on road trips, going across the country, going out of town, going to the second home, their vacation home, going to visit family, going to national parks, going on camping trips, whatever people do in the summer, honestly, I don’t really know. I pretty much never even leave the house. So I don’t know what people do. I basically just sit inside like a hermit all day.
But anyway, that’s what is going on here within a matter of just a couple of weeks now is once again the unofficial kick-off to summer. And of course, the driving season, which means more demand for gas means prices go higher. This is something we typically see during the driving season, during the summer months, which is Memorial Day weekend through Labor Day weekend. This is kind of the range that they give us saying this is the driving season. Well, if more people are out driving across the country, burning up some gas, which by all means, if that’s something you want to do, then go at it, have fun, enjoy life. Seriously, But the deal is if all of us are out or more people are out, I should say driving across and burning up more gas, that just means that more demand, therefore, prices must go higher unless they produce more supply to offset all of that demand. Kind of makes sense. So once again, the whole kind of long-winded explanation I’m trying to make here is unless they actually do something significant here, gas prices are not going to continue going down. They’re not they’re going to continue moving up. Based on everything that’s going on right now, globally, domestically, right now, the seasonality behind all of this, it would all point toward higher gas prices here over the next couple of months here, at least probably until early September, probably even mid-September, until things kind of tamed down once again.
And we kind of inch our way back out of the driving season for the year. So with all that being said, the fact of the matter is there’s more talk out there right now about this one program that I just mentioned a little while ago, the Gas Rebate Act of 2022, which again would send out those ongoing monthly checks, $100 as an individual, $200 as a married couple, and an additional $100 per individual or sorry, per dependent, I should say up to three dependents. So there’s talk about this right now. And considering gas prices since this was actually introduced about two months ago have never actually gone below $4 a gallon, there are now calls on saying implement it immediately and then do some back pay. You owe us two months worth of back pay March and April.
And so far May, we are still owed some back pay on this. So now the major talk out there right now is that well, this is a promising program. It would help get some extra money into the pockets of the people to go out and cover the very expensive gas, or at least cover the difference between where gas should be about $3 a gallon or less. And then compared to where it is currently sitting, over $4 a gallon, depending on where you are in some areas of the country, we’re pushing $5 a gallon. So yeah, right.
So anyway, this is the whole kind of major talk out there right now about these ongoing monthly checks to what they determine as the low income as well as possible back pay. Again, we’ll see about that historically, when it comes to any of these types of programs like this and back pay generally, I would say they’re probably not that good at doling out some cash when it comes to back pay. Anyway, if we do get anything like that, of course, I’ll be right back here for you breaking it all down and making sure that you’re getting all of your back pay and any of these potential checks going forward to help you out on a monthly basis. Now, this could be pretty promising if they did actually implement this. And again, if they actually kind of tightened up the parameters on this as far as who would be eligible for it, it really wouldn’t cost all that much money.
I mean, consider it it wouldn’t be that much money. Put this into perspective just really fast. Here the signals checks that they sent out last year, the $1400 cost the federal government just under $400 billion. However, that went out to 171,000,000 households, 282,000,000 individuals, 85% of the country or population of this country, I should say. And it was a $400 check.
One time, however, this check would be going out to essentially the same group of people, but it’d be $100 per individual, and it would be going out for who knows how many months, probably not that many months, maybe six months. So at the end of the day, it really wouldn’t cost that much money and it would give the people extra kind of wiggle room right now. And again, you could spend the money on anything. It would literally just be an ongoing monthly check of $100 for you, $100 for your spouse, another $100 per dependent if you do have dependents under the age 18. So really wouldn’t cost that much money.
And ultimately, you could spend the money on anything. You could go buy food with it. You could save it. You could buy a new shirt with it. You could, I don’t know, buy a flower.
You could buy a goldfish. You can buy anything you want with it. Doesn’t matter at all. Right. The fact of the matter is it’s just a $100 check is what it would come down to anyway, as I do get more information on this, of course.
I’ll be right back. Here for you breaking it down but again like I’ve said so many times here over the last couple of months, this by far is the most promising program of them all, and as I do get more information I’ll be right back here for you making sure that you grab the money that you have coming due to you. Thanks again for your support. I really do appreciate it. Share this topic with your friends, family, and on social media. I’ll catch you guys.