Reactions to story from http://cnn.com

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  Blame Credit Cards For High Gas

  http://climbingoutofdebt.blogspot.com/2008/05/blame-credit-c...
  70 days ago in Climbing Out of Debt · Authority: 9

  ...well a little at least. According to this article on CNN.com: Buying gasoline with a credit card could be hurting your local independent gas station owner - and you may have to pay for it. That's because credit cards charge merchant fees in the form
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  CNN has a specal today on gas prices

  http://endofenergy.wordpress.com/2008/05/22/cnn-has-a-specal...
  62 days ago in Question the most, what you believe the most passionately · Authority: 3

  http://money.cnn.com/news/specials/gasprices/ http://money.cnn.com/2008/05/21/news/economy/oil_hearing/index.htm - “Senate Judiciary Committtee seeks answers from Big Oil execs for rising oil prices on day that crude crossed $130 a barrel.” http://money.cnn.com/2008/05/20/news/economy/gas_price_history/index.htm - “Who’s to blame for $4 gas” http://money.cnn.com/2008/05/21/markets/oil_eia/index.htm- Blames price surge on “surprise drop in crude and gasoline stockpiles” http://money.cnn.com/2008/05/22/news/economy/hurricane_season/index.htm - “Traders say that even though you’re already paying for the hurricane season, the price could spike to $6 a gallon if catastrophe strikes.” http://money.cnn.com/2008/05/22/news/companies/ford/?postversion=2008052214 - Ford admits huge losses because of high gas and steel prices. Lagging SUV and Truck sales. This is paving the way for layoffs later. http://money.cnn.com/2008/05/16/news/economy/oil_speculator/index.htm?postversion=2008051615 - “Big fund money is flowing into oil markets sending prices to elvels never seen before. is it profiteering or an essential way to ensure supply?” http://money.cnn.com/2008/05/14/news/economy/credit_cards_gasoline/index.htm?postversion=2008051708 -”How credit cards boost gas prices” http://money.cnn.com/2008/05/07/news/economy/120_oil/index.htm?postversion=2008050812 - “Speculators are often blamed for artificially inflating crude prices, but some experts say high prices are needed to cut demand and develop new resources.” Notice the blame on “speculators” and how this increase will “cut demand” http://money.cnn.com/2008/05/06/news/economy/oil_profits_tax/index.htm?postversion=2008050612 - “taxing oil profits” http://money.cnn.com/2008/05/16/news/economy/gas_prices/index.htm?postversion=2008051709 - gas hits new high 10th straight
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  Getting Gas On Credit

  http://moolah-moolah.com/getting-gas-on-credit/
  69 days ago in Moolah-Moolah-The Ultimate Money Guide Portal- Mind Over Money · Authority: 1

  Getting Gas On Credit May.16, 2008 in Credit Cards Leave a Comment When was the last time you stop to gas up your car and you paid with cash? As for me, I don’t know the last time I paid cash to fill up my tank. Well, David Goldman at CNN Money wrote an article how buying gasoline with a credit or debit card could be hurting your local gas stations meager profits, and we may end up having to pay for it. Can you say $4.00 a gallon boys and girls!!   “Some stations raise prices in order to keep profit steady. But others are unwilling to risk the competitive disadvantage or unable due to contracts with suppliers, and absorb the hit.” ” In some instances, this credit card problem is turning to the straw that broke the camel’s back,” said Paul Fiore, vice president of Service Station Dealers of America and Allied Trades. Fiore said gas station closings are not yet wide-spread, but could turn into a bigger problem as gas prices continue to increase.”   In my neighborhood I usually fill up my tank from an independent gas station because it’s consistently four to five cents cheaper every week than most of the big chain gas stations(Exxon, Mobile, Chevron). However, If these small independent gas stations are paying high merchant fees from credit card sales, then I can see why they might go under in the near future. The article goes on to say….    “Gas station owners with deeper pockets can also afford to compete for drivers by lowering their prices to the point that they don’t profit at all from gas revenue. About 80% of gas stations include convenience stores and, with rising credit card rates, station owners make nearly all their profit from the drinks, snacks and newspapers inside the store, not on fuel. Appearing before the House Judiciary Committee last week, Douglass testified that consumers are willing to drive an extra 10 minutes to save just 3 cents on a gallon of gas, putting added pressure on independent retailers. “Wal-Mart and Costco choose to sell below costs down to bring in traffic, but we have to have a product that at least breaks even,” he said. That means that some gas retailers that are unable to compete are forced to close down - especially those that do not have an attached convenience store to remain profitable.”     Ultimately, due to the convenience of paying by credit and debit cards, paying our gas with cash will continue to be the main exchange of currency at the pump.  As for me I will try and do my part and at least pay for my gas with cash once a week. But before I do that I will have to stop at the bank and pull out $100 from the ATM….go figure.  
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  Credit Cards increase gas prices

  http://www.autoinsiderdaily.com/2008/05/credit-cards-increas...
  70 days ago in Auto Insider Daily · Authority: 1

  Credit Card fees are destroying the profits of independent gas stations. This could lead to price increases to cover the costs of the fees. Wide spread gas station closings could happen which would mean less competition and higher gas prices. Retailers add 9 cents a gallon of gas on top of their costs. The problem is that the credit card fees are based on a percentage. Some cards charge the station 3%, which can almost entirely wipe out the stations profits. Source CNN Money
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  How credit cards boost gas prices

  http://lifehomeautoloan.com/?p=568
  70 days ago in What is the best credit loan mortgage · No authority yet

  How credit cards boost gas prices Posted by admin at Wednesday ~ May 05, 2008 to Credit Comments:0 Full Story Here Buying gasoline with a credit card could be hurting your local independent gas station owner - and you may have to pay for it. That's because credit cards charge merchant fees in the form of a percentage of sales - and those fees eat into the fixed per-gallon sum that gas retailers tack onto pump prices.
• 

  How credit cards boost gas prices

  http://wealthstrong.wordpress.com/2008/05/14/how-credit-card...
  71 days ago in WealthSTRONG - Transforming the Way You Look, Act and Feel About Money · Authority: 2

  Full Story Here Buying gasoline with a credit card could be hurting your local independent gas station owner - and you may have to pay for it. That’s because credit cards charge merchant fees in the form of a percentage of sales - and those fees eat into the fixed per-gallon sum that gas retailers tack onto pump prices.

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