Consumerist
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gas
BP Points Out Their Gas Same Price Whether Cash Or Credit
Spotted this sign on a Brooklyn BP gas pump last night, taking pains to point out that they are charging customers the same price whether they use cash or credit. Interesting, because last year around this time we ran a few stories about gas stations who doing the opposite. The thing is, credit card companies charge merchants various transaction fees to process the cards. If retailers can't assess those fees to the customers who actually incur them, the business has to raise prices on everything for everyone.
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bp
Why Are Gas Stations Charging More For Credit Card Purchases?
Yechial wants to know why his Chase BP Visa card, which offers 5% rebates on gas purchases, costs him more to use at BP stations than if he pays with cash. He asked a BP station owner in Pennsylvania about this and the station owner told him it was because credit transaction fees had gone up—"When I told him that I would report his station to BP and to Chase Bank, he said, 'Screw you! I don't care, report me. They are the ones charging us more money for the transactions.'"
Now Yechial wants to know, are BP stations simply charging more to negate the 5% rebate on the Chase BP card, or are they really dealing with higher fees on their end? This L.A. Times article published last week says it's the second reason—which means any rebate your credit card promises you on gas purchases is going to be inherently less valuable so long as expenses keep rising for station owners. More »
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automobiles
BP Oil Leak Maybe Not So Bad
A 200 gallon British Petroleum oil spill discovered in Alaska's Prudhoe Bay caused price per gallon to rise past $76 Monday and threaten the shutdown of the nation's largest oil field. However, BP officials intimated they're looking into ways to conduct repairs and checks without disabling the entire operation. More » -
oil
BP Closes Major Alaskan Oil Field
Due to a leak, British Petroleum announced an indefinite shutdown of the Prudhoe Bay field, which produces 8% of the US oil supply. Crude oil prices rocketed past $76. More » -
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The News; Bury My Lump of Coal Under the Old Apple Tree
• Saying it was due to a broken heart would require he had one in the first place. [NYT] "Kenneth L. Lay, Ex-Chairman of Enron, Dies" More » -
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How Not to Corner the Propane Market
BP is under federal investigation for allegations that a group of executives plotted to corner the propane market. And corner they did, but instead of making $20 million, they lost $10 million. More » -
edison
The News is Full of Sweet, Sweet, Bitter Ironies
• Seems every car metaphor these days is about addiction, this time though, it's the automaker's. [NYT] "With Inventories Bulging, Detroit Rolls Out the Incentives" More »
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