Buying gas on credit? Then you are contributing to high fuel prices at the pump, says Exxon station owner Paul O’Connell.
“The banks are making a killing,” said O’Connell, who is also executive director of the Billerica-based New England Service Station and Automotive Repair Association.
O’Connell spoke to legislators yesterday during a hearing about gasoline prices for the Committee on Telecommunications, Utilities and Energy.
He said credit-card companies have increased fees for gas stations that allow customers to use credit cards to pay for gasoline.
O’Connell says the companies have doubled their fee from 4.5 cents per gallon to 9 cents per gallon of gas.
“The credit-card companies are making almost as much as the oil companies,” Dampolo said. “On our end, we mostly have a loss of profits. … Four years ago, I was making more money selling at 89 cents a gallon than I am today.”
But surely credit card companies alert you to that fact in your monthly statements. I know how big they are on encouraging responsible use of credit. Too bad it isn’t part of a disclosure provision in the new bankruptcy law. Oh that’s right, that law was for bankers only.