Today’s front page Wall Street Journal profile on the impact of $100.00 a barrel oil omitted one of the most prominent beneficiaries from surging oil prices – the banks, along with Visa and MasterCard.
When you view the Olympics next summer and see all those friendly Visa advertisements connected with the credit card company’s worldwide sponsorship, remember that they are also part of a giant cartel that is profiteering from our global economic energy crisis.
With record prices at the pump, more motorists are forced to charge for each fill up; they simply do not have enough cash. At the service stations, each time a motorist swipes their credit card, a fee based on the total cost is assessed in interchange costs. As gas prices rise, so to the windfall profits that the credit card associations’ member banks reap.
[commentary: WayTooHigh.com]
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