About three dozen demonstrators waved signs asking motorists to honk in support of what they billed as “The Great
American Protest Against MasterCard and Visa Fees on Gasoline.”
The protesters complained about how credit card companies charge retailers high fees for each purchase, adding 8-10 cents to the cost of a gallon of gas — a cost that is often passed on to consumers.
“By the time we’re done paying credit card fees, there is no profit left and it’s not fair,” said Navdeep Bassi, whose family owns 15 7-Eleven stores — four that sell gas — in Orange County. “We don’t want to have to charge customers for using credit cards. But now we’re at the mercy of the credit card companies.”
Credit card companies contend they are reducing their fees in response to complaints, but they deny they are charging too much or colluding against retailers.
The protest was organized by Mitch Goldstone, owner of an Irvine photo shop and lead plaintiff in a class action law suit accusing credit card companies of violating antitrust laws by charging fees of 1.5 to 2 percent per purchase.
Register photographer Kevin Sullivan, who shot pictures of the protest, said Goldstone provided boxes of free donuts to keep the demonstrators fueled up.
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- Californians buying less gas as they pay more
- Is your commute a little easier these days? Soaring gas prices may be main factor.
- IRS gives tax break on mileage deduction
- Tempers flare as gas costs soar, lines lengthen
We do not have a gas shortage and prices are not high because they are set. Our DOLLAR IS BEING DEVALUED and until the general public realizes that, things are only going to get worse. You money has lost over 70% of its value so it really does not matter how; much gas is right here if your money is only worth 70% of what it was. You are blaming the wrong people but it makes us feel good. Research and confirm for yourself, most of the price of gas is from the dollar and Federal and State taxes, they are about 1/3 of the gas price. Nothing is getting more expensive, your money is losing value. It is becoming a worthless piece of paper, all you old timers, do you not remember when the dollar was backed by Gold and Silver and it said right on the bill you could redeem it? The Federal Reserve is a PRIVATE bank that helped cause the great depression and these great bubbles we enjoy today.
People who blame the falling dollar for gas price increases are flat wrong. This year the dollar has fallen about thirteen percent against the Euro. Oil has risen from $90 to $140 a barrel, an increase of 55 percent. The high price of oil is due to market manipulation by producers, refiners and speculators, not the falling dollar.
Dozens in the headline was reduced to about three dozen in the article, making me believe that the writer was a bit foolish. As for credit card charges adding to the price of gasoline, this is the most idiotic statement I have seen in years. Finally, I have to say that respondant “Drew” is a closet idiot who seems to think that we have no oil shortage. He seems like a person who thinks that Rush Limbaugh is god like. Fools rush in—–
Drew. Go back to your economics class. Look up “inflation” and “money supply”. While you’re at it, look up the breakdown of the cost of gasoline. You’re propagating misinformation.
Drew - just because you’re paranoid doesn’t mean everybody’s not all out to get you.
To say the devalue of the dollar has no effect is stupid… of course it does because we buy it from overseas
Thanks for all the comments, but please try to avoid calling each other stupid just because you disagree.
Here’s a quote I found on the Internet:
“Sometimes I think the surest sign that intelligent life exists elsewhere in the universe is that none of it has tried to contact us.”
Bill Watterson (1958 - ), cartoonist, “Calvin and Hobbes”
I apologize if I offended anyone with the truth but that is just how it is and ignoring or pretending it does not exist does not make it so. Today in Bloomberg, the dollar has lost 41% of it’s value under President Bush. No one is out to get me and it is simple economics, inflation is caused by the money suppy, is that correct? So if that money supply is worth less and takes more dollars to buy the same thing it used to…. If you want to attack me, please do do so with facts and not your opinion because it is worth as much as oil speculation. I am American and LOVE this country, we just need to be informed. Another news article on the dollar and gas prices
CNBC:
Oil Hits Record Above $140 on Weakening Dollar
Huffington Post:
OPEC Interested in Non-Dollar Currency
Plus many more but yeah I am not, loony, certifiable. OPEC told Bush that they can pump as much as he needs, however, it will not have a significant effect on prices, look it up. We as a country are being raped and our middle class destroyed. Let me guess you are one of those who are saying the economy is fine too and we are not in a recession either, right?
just goes to show you that nobody cares. Bunch of hype over a few bucks more for gas. GET OVER IT
Go buy a 3 cylinder tin box & drive in the slow lane with the little old ladies, you might want to get a better paying job while your at it. Also consider moving to some small town mobile home park in the middle of nowhere with the rest of the poor people.
Dozens show up! big deal
If you cant afford the gas, you probably cant afford insurance either. Take the bus & get out of my way. IM DRIVING!
These fees cover the costs of equipment used to relay information between the retailer’s and customer’s banks. They also help cover unauthorized charges as well as provide a small amount of interest for the merchant’s bank which has to pay for the gas up front and then bill the customer’s bank, a process wich can take several days. You can avoid the fee by using a debit card (although there is still a small fee usually 35 cents) But you have to have money in checking. I think the real problem here is that people would rather not spend their own money, but want to run up their credit cards and then whine about how “predatory the credit card companies are.