Don't Blame Credit Card Fees for Pain at the Pump
Gas prices are currently high, nearing $4.50 per gallon. While some attribute this to credit card fees, the reality is that geopolitical issues and climate litigation play a more significant role. Policymakers are urged to focus on these real causes rather than imposing regulations on credit card fees, which could harm consumers.
- ▪Gas prices are nearly $4.50 per gallon according to the American Automobile Association.
- ▪Credit card interchange fees are a minor component of gas prices and do not significantly impact overall costs.
- ▪Policymakers are encouraged to address the real causes of high gas prices, such as climate litigation, rather than focusing on credit card fees.
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Gas prices are extraordinarily high—and rising. The price at the pump per gallon is now nearly $4.50 according to the American Automobile Association. These skyrocketing prices have a lot to do with geopolitical issues, as well as out-of-control climate litigation and more mundane causes like seasonal fluctuation. Some imply that credit card interchange fees—which are paid by merchants to support payment networks—are a major part of the price of gas. For example, Merchants Payments Coalition Executive Committee member and National Association of Convenience Stores General Counsel Doug Kantor recently stated that credit card issuers “are collecting more on every gallon and profiteering on the backs of American motorists.
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Excerpt limited to ~120 words for fair-use compliance. The full article is at Real Clear Policy.
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