Soaring gas prices are hurting Americans. It's time for more stimulus checks

Rising inflation is hitting all sectors of the economy. The overall rate of inflation on an annual basis reached 7.5% at the end of January, the highest level since 1982. Gas prices, in particular, are rising especially fast, reaching $4.25 a gallon on Wednesday, up from about $2.86 per gallon last March. That means filling a 20-gallon tank right now costs $85, up from $57.20 last year at this time.

A recent report by Moody's Analytics estimated that inflation was costing the average household $276 more per month, or about $1,100 per quarter. And given the instability in oil markets over Russia's invasion of Ukraine, it wouldn't be surprising if those costs increased to more than $300 a month. Many Americans, especially those who are low- and moderate-income, can't afford to absorb such rapid price increases.