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Banks another huge winner of high gas prices

GasBuddy Blog -- Many people think oil companies, who drill, extract, ship, and sell crude oil are the ones making billions of dollars. That's true. They do all the exploration, development, and hard work to bring the oil above ground. However, there are other players who don't even do any work and get paid on every gallon you buy.

Banks earn billions in swipe fees every year, just for purchases you make at the gas pump. The gas station isn't making much, nor is the convenience store, so besides the oil companies, who's getting their hands in the pie?

First- the government. We all know that all we're sure about is death and taxes. The government taxes everything- they don't do any extraction, processing, etc, they just take a tax. So who...

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Submitted Apr 10, 2012 By: PD

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naidu72 Sophomore Author California Posts:177 Points:11,145 Joined:Apr 2012	Message Posted: Apr 24, 2012 8:38:15 AM Ignore naidu72 Report Abuse ...
albert2008 Champion Author Winnipeg Posts:7,347 Points:1,480,035 Joined:Sep 2008	Message Posted: Apr 21, 2012 6:03:03 AM Ignore albert2008 Report Abuse big money
clpassenubye Champion Author Los Angeles Posts:3,359 Points:751,730 Joined:Mar 2011	Message Posted: Apr 20, 2012 5:59:33 PM Ignore clpassenubye Report Abuse they almost alway win
albert2008 Champion Author Winnipeg Posts:7,347 Points:1,480,035 Joined:Sep 2008	Message Posted: Apr 19, 2012 5:43:44 AM Ignore albert2008 Report Abuse the rich get richer
Reishman Veteran Author Illinois Posts:384 Points:515,865 Joined:Sep 2006	Message Posted: Apr 19, 2012 4:18:37 AM Ignore Reishman Report Abuse Combine the talking points into goofy times.
MidNJ Champion Author New Jersey Posts:7,546 Points:1,171,835 Joined:Sep 2009	Message Posted: Apr 18, 2012 9:35:46 PM Ignore MidNJ Report Abuse The Swipe fee? An interesting question that GasBuddy can explore.
KAR120CSII Champion Author Oregon Posts:3,172 Points:619,620 Joined:Apr 2010	Message Posted: Apr 12, 2012 5:13:43 PM Ignore KAR120CSII Report Abuse Guess what? Banks big winners -- when weren't they? Go to the Credit Unions, boycott the big banks.
puinsai808 Champion Author Honolulu Posts:3,534 Points:725,355 Joined:May 2011	Message Posted: Apr 12, 2012 6:59:25 AM Ignore puinsai808 Report Abuse I thought swipe fees went away for banks with the Durbin Amendment.
Donatelo Champion Author Dayton Posts:1,121 Points:292,685 Joined:Apr 2011	Message Posted: Apr 12, 2012 6:57:13 AM Ignore Donatelo Report Abuse k
albert2008 Champion Author Winnipeg Posts:7,347 Points:1,480,035 Joined:Sep 2008	Message Posted: Apr 12, 2012 6:04:36 AM Ignore albert2008 Report Abuse not good
cleangasprices Veteran Author Vancouver Posts:315 Points:72,515 Joined:May 2011	Message Posted: Apr 12, 2012 2:20:29 AM Ignore cleangasprices Report Abuse There are so many parties involved before the gas is available at the pump. You can imagine how many times the gas price is rolling up, not down!
bevmill Champion Author Georgia Posts:2,572 Points:598,595 Joined:Apr 2006	Message Posted: Apr 11, 2012 7:20:03 PM Ignore bevmill Report Abuse ok
boldrph Champion Author Topeka Posts:18,366 Points:3,449,815 Joined:Oct 2002	Message Posted: Apr 11, 2012 7:06:16 PM Ignore boldrph Report Abuse buy bank stock?
numbers Champion Author North Dakota Posts:2,801 Points:850,040 Joined:Aug 2004	Message Posted: Apr 11, 2012 4:54:54 PM Ignore numbers Report Abuse Got to help the banks
wingryder92 Champion Author British Columbia Posts:5,657 Points:558,005 Joined:Apr 2011	Message Posted: Apr 11, 2012 2:36:50 PM Ignore wingryder92 Report Abuse If stations offered a discount for cash mant people might decide to bring cash but the crooks would probably haunt gas stations to rob patrons then.
Kropf Rookie Author New York Posts:74 Points:1,732,760 Joined:Apr 2006	Message Posted: Apr 11, 2012 2:33:40 PM Ignore Kropf Report Abuse "why not pay cash and save up to 10c/gal?" WHAT, only 10c/gal??? USE a Cash Back Credit Card of 3% or more, and YOU will save MORE than 10c/gal!!! (e.g. when your gas costs more than $3.999/gal, a 3% Cash Back card will rebate you 12 cents or more per gallon. Use a 5% Cash Back card, and you'll get 20 cents or more per gallon rebate!!!)
GatorGuy Champion Author Columbia Posts:2,225 Points:1,206,310 Joined:Jan 2009	Message Posted: Apr 11, 2012 2:20:06 PM Ignore GatorGuy Report Abuse Not to mention I'll soon need to get a loan for a fill up!
Tekkie Champion Author Philadelphia Posts:4,333 Points:913,630 Joined:Oct 2003	Message Posted: Apr 11, 2012 12:32:01 PM Ignore Tekkie Report Abuse Capitalism
JR57CA All-Star Author Los Angeles Posts:788 Points:325,275 Joined:May 2011	Message Posted: Apr 11, 2012 11:18:10 AM Ignore JR57CA Report Abuse Not to worry, Big Oil gets quite rich at our expense, as do the banks. How many people have a oil company's credit card - the oil company gets a cut for that and you are paying them to publicize their company. So, the BIG winner? It's Big Oil and the banks. No surprise there. Oh, and their lawyers.
idigau22 Champion Author Washington Posts:23,397 Points:3,200,035 Joined:Apr 2003	Message Posted: Apr 11, 2012 11:17:10 AM Ignore idigau22 Report Abuse I pay cash!
millerin Champion Author Orlando Posts:2,305 Points:480,390 Joined:Jan 2012	Message Posted: Apr 11, 2012 11:16:40 AM Ignore millerin Report Abuse hmmm...
saleboss Champion Author Phoenix Posts:3,929 Points:1,177,875 Joined:Feb 2006	Message Posted: Apr 11, 2012 11:15:57 AM Ignore saleboss Report Abuse This is another yesterday article!
cssco Champion Author Virginia Posts:7,321 Points:1,749,805 Joined:Feb 2006	Message Posted: Apr 11, 2012 11:13:36 AM Ignore cssco Report Abuse This is the true story, I just heard Rush Limbaugh confirm it on the radio. That makes it indisputable, doesn't it?
mrme Sophomore Author Maryland Posts:244 Points:292,120 Joined:Sep 2005	Message Posted: Apr 11, 2012 11:09:52 AM Ignore mrme Report Abuse amazing how we bail them out, they speculate with the profits from the bailouts and subsequently they win with higher prices, go figure.
dastard57 Champion Author Orange County Posts:3,195 Points:624,060 Joined:Feb 2011	Message Posted: Apr 11, 2012 11:08:20 AM Ignore dastard57 Report Abuse I use my Costco Amex Card, get 3% back on gas purchases at Costco, 2% back everywhere else. The key is to pay the bill at the end of the month so no interest is incurred.
DrCashFlow Champion Author Massachusetts Posts:7,059 Points:1,626,150 Joined:Jun 2008	Message Posted: Apr 11, 2012 11:07:41 AM Ignore DrCashFlow Report Abuse It's all about the excessive fees, since they can't make profits on their badly structured loan portfolios.
cracovian Rookie Author Georgia Posts:29 Points:13,180 Joined:May 2011	Message Posted: Apr 11, 2012 11:07:25 AM Ignore cracovian Report Abuse Not swiping my electricity yet (charging my Nissan LEAF every f-ing night)
carefrey Champion Author Orlando Posts:5,525 Points:1,157,535 Joined:Sep 2009	Message Posted: Apr 11, 2012 11:06:52 AM Ignore carefrey Report Abuse Old news!
wildddkattt80 Champion Author Phoenix Posts:2,143 Points:432,145 Joined:Jun 2011	Message Posted: Apr 11, 2012 11:06:01 AM Ignore wildddkattt80 Report Abuse Banks are always trying to get to your money.
LegoVasavouchi Champion Author Oklahoma Posts:1,659 Points:114,390 Joined:Apr 2011	Message Posted: Apr 11, 2012 11:00:35 AM Ignore LegoVasavouchi Report Abuse Fascinating.
smoketown Champion Author Cincinnati Posts:6,226 Points:1,380,900 Joined:Feb 2008	Message Posted: Apr 11, 2012 11:00:25 AM Ignore smoketown Report Abuse I use credit card and push the clear button afterwards...........
Diesel_Ram Champion Author Dallas Posts:6,497 Points:1,517,485 Joined:Jan 2009	Message Posted: Apr 11, 2012 10:58:41 AM Ignore Diesel_Ram Report Abuse Because they hold the gas card business.
CPGas1815 Champion Author Michigan Posts:6,027 Points:1,099,605 Joined:Apr 2008	Message Posted: Apr 11, 2012 10:58:25 AM Ignore CPGas1815 Report Abuse Now it the banks that are screwing us at the pump!
Mr.Dirt Champion Author Albany Posts:8,356 Points:2,510,450 Joined:Mar 2004	Message Posted: Apr 11, 2012 10:56:23 AM Ignore Mr.Dirt Report Abuse just one big rip off
LostToo Champion Author Illinois Posts:4,392 Points:975,315 Joined:May 2009	Message Posted: Apr 11, 2012 10:56:01 AM Ignore LostToo Report Abuse I always pay at the pump. If gas stations loose money with every swipe, Why would they make it so easy to pay that way?
Bruno44 Champion Author Texas Posts:7,070 Points:1,767,220 Joined:Sep 2007	Message Posted: Apr 11, 2012 10:52:28 AM Ignore Bruno44 Report Abuse Greed, speculation, and over-regulation.
divebomber Champion Author Nebraska Posts:6,073 Points:1,811,300 Joined:Jun 2007	Message Posted: Apr 11, 2012 10:50:44 AM Ignore divebomber Report Abuse YESTERDAY'S NEWS!
gasoutherneagle Champion Author Georgia Posts:2,249 Points:737,410 Joined:Sep 2008	Message Posted: Apr 11, 2012 10:50:10 AM Ignore gasoutherneagle Report Abuse yea, I know! Wells Fargo & PNC !
Krykson All-Star Author Chicago Posts:840 Points:247,285 Joined:Jul 2006	Message Posted: Apr 11, 2012 10:49:32 AM Ignore Krykson Report Abuse Interesting
mshvets Rookie Author Chicago Posts:81 Points:70,890 Joined:Dec 2010	Message Posted: Apr 11, 2012 10:47:31 AM Ignore mshvets Report Abuse really
Louscanon Champion Author Baltimore Posts:13,840 Points:2,764,615 Joined:May 2004	Message Posted: Apr 11, 2012 10:42:13 AM Ignore Louscanon Report Abuse "Under my plan energy prices would necessarily skyrocket" Barack Obama
Wes1972 All-Star Author California Posts:650 Points:318,760 Joined:Mar 2011	Message Posted: Apr 11, 2012 10:42:08 AM Ignore Wes1972 Report Abuse NO,we can't blame banks skimming off the top,govt taxes and govt rules & regulations that raise costs. Our California special blend thats always in short supply is a joke but the citizens demand their "clean" air.If the city people want clean air ban all private vehicles in metro areas! Blame those evil speculators and oil companies!
ricebike Champion Author New Jersey Posts:10,026 Points:1,854,745 Joined:Oct 2005	Message Posted: Apr 11, 2012 10:40:34 AM Ignore ricebike Report Abuse there's a pattern that they're trying to make any excuses for the high prices of gas... the main thing is that most consumers know its now being driven by greed
19sheldon43 Champion Author Los Angeles Posts:3,979 Points:843,010 Joined:Jul 2009	Message Posted: Apr 11, 2012 10:40:09 AM Ignore 19sheldon43 Report Abuse Without oil nobody makes any money
Lerxst17 Champion Author Dallas Posts:1,025 Points:396,925 Joined:Feb 2012	Message Posted: Apr 11, 2012 10:39:53 AM Ignore Lerxst17 Report Abuse About to start keeping my money in my...
eye-spy Champion Author Quebec Posts:4,578 Points:2,416,645 Joined:Feb 2005	Message Posted: Apr 11, 2012 10:38:36 AM Ignore eye-spy Report Abuse Just more "greedy fingers" in the pie.
KAR120CSII Champion Author Oregon Posts:3,172 Points:619,620 Joined:Apr 2010	Message Posted: Apr 11, 2012 10:36:32 AM Ignore KAR120CSII Report Abuse Pull your money (if you have any in these times) out of the banks and into your local credit union. It's cheaper and they give you more service. And your not helping the banks loan to the speculators or speculate themselves. Credit Unions!
greenfog Champion Author Illinois Posts:6,485 Points:1,637,295 Joined:Feb 2008	Message Posted: Apr 11, 2012 10:29:48 AM Ignore greenfog Report Abuse as the end consumers we are the ones that buying these pies, and they are getting way to expensive.
HawaiianGuy Champion Author Idaho Posts:9,523 Points:3,077,975 Joined:May 2003	Message Posted: Apr 11, 2012 10:29:06 AM Ignore HawaiianGuy Report Abuse And the hard-working, taxpaying citizens of this country get the SHAFT.
Donatelo Champion Author Dayton Posts:1,121 Points:292,685 Joined:Apr 2011	Message Posted: Apr 11, 2012 10:25:40 AM Ignore Donatelo Report Abuse k