Credit Card Companies Inflating Fuel Prices (And the Price of Nearly Everything Else)
Facts on Swipe Fees and Gas Prices
- Americans buy about 377 million gallons of gasoline per day.
- The national average price of gas is $3.57 per gallon.
- If those gallons were paid for with credit cards, the swipe fees on gas sales alone would be more than $31 million PER DAY.
Facts on Swipe Fees and Diesel Prices
- American buy about 160 million gallons of diesel fuel per day.
- Diesel prices average $4.83 per gallon.
- If those gallons were paid for with credit cards, the swipe fees on diesel sales alone would be nearly $18 million PER DAY.
- And most products get to stores and consumers on trucks. That means credit card companies inflating diesel prices leads to increases in almost all other prices, too.
Altogether, that’s nearly $50 million per day going to giant Wall Street banks and adding to increased fuel prices for American drivers and truckers (with much of that added to shoppers’ tabs, too).
This is all driven by cartel-style price-fixing by Visa and Mastercard.
- They tell banks how much to charge retailers (including gas and diesel retailers) on credit card transactions — and those banks agree to use those prices and not compete.
It’s time to do something about it. The Credit Card Competition Act would:
- Save Americans $17 billion per year.
- Add 54,000 jobs in the first year alone.
COMPETITION IS BETTER FOR EVERYONE
IT'S TIME TO PASS THE CREDIT CARD COMPETITION ACT