Two of the presidential candidates jumped into the nation’s economic energy crisis today by proposing a “gas tax holiday” to save motorists money.
Senator Barack Obama, was smart and chose not to side with Senator’s Clinton and McCain. And, if the presidential hopeful really want to make an impact, rather than just reducing the record prices at the pumps by temporarily lowering taxes, he should demand that Visa and MasterCard immediately remove their merchant interchange fees at all service stations. Just look at both card association’s record earnings this week [28% quarterly increase for Visa and more than doubling for MasterCard] to understand why this is a national imperative. There is a reason Visa and MasterCard’s stocks are soaring - windfall profiteering at the pumps
The argument that American’s are entering the peak driving season, and thus will increase demand on prices is wrong. Motorists are driving less, and getting rid of their gas guzzling vehicles in exchange for more economical automobiles. Even at ScanMyPhotos.com, we are providing free gas cards to help soften the effects from consumers driving less. Last week, The Los Angeles Times and the Associated Press reported on our campaign for providing free gas.
So far, none of the presidential candidates have pointed fingers at Visa and MasterCard and its member banks for their windfall profiteering from charging upwards of $2.50 in credit card interchange fees every time a motorist fills-up with a credit card.
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