Gas Station’s New Myths of Pricing Due to Interchange Fees
In the year of 2011 nearly 134 billions gallons of gas were sold. Approximately 50 billions of those gallons of gas were paid by a debit card. Now when the Durbin Amendment was passed the retailers promised to pass their savings onto the consumers. Theoretically that should have lowered the prices since the input prices were lowered. Well that actually turned out to just be theoretical. Now even with fees being lowered the gas stations continue to spread myths about how interchange fees for debit cards impact gas prices.
While several years ago Visa and MasterCard lowered interchange fees specifically for gas stations voluntarily. Still though gas prices remained high and agencies spread ridiculous rumors about high transfer fees. Yet most companies such as, MasterCard had just voluntarily lowered fees specifically for gas stations. This raises the question that no matter what the interchange fees are the prices of gas won’t change. Which now raises a bigger question of why the Durbin Amendment was put in place in the first place when there are records that show it didn’t work to it’s intent just a few years earlier.