Sunday, July 23, 2006

Gas Prices Hit All Time High (AP)

As we prepare for the oil companies to shock the world with another quarter of record results, remember that the credit card associations' member banks are also involved.

Months ago, full-page advocacy advertisements in major U.S. papers downplayed the oil industry earnings. In some cases the finger of greed was directed at the banks.

ExxonMobil® in more delicate words proclaimed that the banks are even greedier* then them. They explained that on a comparable return on each dollar of sales, they lagged far behind other industries like the banking sector.

With gas prices at all time highs, the credit card associations' member banks are sharing in this windfall profiteering by demanding record service station interchange fees for motorist fill-ups.

(*Our choice of words)

[Source: with news via AP]